DMCC’s Dubai Diamond Conference Sparkles As City Cements its Position as Top Global Diamond Hub

  • Since 2003, value of diamonds traded through Dubai has grown from 3.5 billion US dollars to 25 billion US Dollars in 2016
  • Nemesis international inaugurates UAE’s first state-of-the-art polishing factory, contributing to the increase of the region’s diamond processing and trading volume
  • DMCC plays host to third edition of Dubai Diamond Conference, as it attracts 350 global industry stakeholders to participate in discussions around the future of the industry

DMCC (Dubai Multi Commodities Centre)  hosted the third edition of the Dubai Diamond Conference this week (16th and 17th October), announcing the opening of its first state-of-the-art diamond polishing factory, that will become the final piece in cementing the city as one of the top diamond hubs in the world.

 

The diamond polishing factory, inaugurated by Dubai-based diamond trading company, Nemesis International, will see Dubai reaffirm its role as a gateway to the Middle Eastern Retail Market.

Under the theme “Shaping the future of an interconnected marketplace”, the third edition of the biennial conference was hosted by the Dubai Diamond Exchange in partnership with DMCC. International leaders of the diamond industry attended ranging from African Ministers to traders, financiers and world-renowned jewellers, who came together to discuss the challenges and opportunities facing the trade today.

 

Also on show at the event, was the largest rough diamond in the world, which was unveiled to a crowd of industry insiders and precious stone experts.

 

Since 2003, when the Dubai Diamond Exchange was established as a DMCC platform, Dubai has risen from anonymity to becoming one of the leading diamond trading hubs in the world. The Kimberley Process Certification Scheme (KPCS) – established to prevent conflict diamonds from entering the mainstream rough diamond market – was also implemented in the UAE in 2003 by the Ministry of Economy, making the UAE the first Arab country to do so. Since then, the value of diamonds traded through Dubai has grown from 3.5 billion US dollars in 2003 to 25 billion US Dollars in 2016 respectively.

 

Today, the Dubai Diamond Exchange is a leading diamond centre based in Almas Tower. From buyers to sellers to service providers – everything the industry requires in terms of infrastructure and a marketplace is available under one roof in a secure environment at Almas Tower including: Customs, vaulting, polishing, boiling, cutting, certification, transport and logistics services and the Kimberley Process Certification Scheme (KPCS).

 

Members themselves enjoy access to market infrastructure and physical facilities such as gold and diamond vaults, trading platforms like the Dubai Gold & Commodities Exchange, Dubai Diamond Exchange, the Dubai Pearl Exchange and DMCC Tradeflow, the dedicated online platform for registering possession and ownership of commodities stored in UAE-based storage facilities; the DMCC Tea Centre and a range of commodities backed financial investment tools.

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