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THE ECONOMY - DIAMONDS & GEMSTONES

KP Chair holds talks on rough diamond with South Korean officials

Posted on 05/12/2016

To bolster the diamond industry in South Korea and determine the role Dubai can play in supporting Seoul becoming a diamond trading centre, the UAE Kimberley Process Chair has met with senior government and industry representatives in Seoul. As part of the ongoing efforts to engage countries across the diamond supply chain, Bin Sulayem met with Hong Dawoon, Assistant Director of the Export Control Policy Division at the Ministry of Trade, Industry and Energy, as well as Chang Soo Nam, ...  >>MORE

UAE Kimberley Process Chair 2016 publishes mid-term report

Posted on 22/08/2016

Ahmed bin Sulayem, UAE Kimberley Process Chair 2016, yesterday published a mid-term report, a first for the Kimberley Process. The Kimberley Process Certification Scheme, KPCS, is a joint government, industry and civil society initiative to stem the flow of conflict diamonds. It imposes extensive requirements on its members to enable them to certify shipments of rough diamonds as ‘conflict free' and prevent illegitimate diamonds from entering legitimate trade. UAE Kimberley Process contains 54 ...  >>MORE

UAE elected chair of Kimberley Process 2016

Posted on 25/05/2016

Sultan bin Saeed Al Mansouri, Minister of Economy, yesterday said the UAE will use its new role as chair of the Kimberley Process for 2016 to highlight and enhance its efforts to facilitate global trade and commercial ethics. He was speaking at the Kimberly Process Intersessional 2016 held at the Atlantis Hotel the Palm in Dubai. In 2003, the UAE became the first Arab nation to join the Kimberley Process. The Kimberley Process started when Southern African diamond-producing states met in ...  >>MORE

Al Mansouri briefed about state agenda on Kimberley Process

Posted on 17/01/2016

Eng. Sultan bin Saeed Al Mansouri, Minister of Economy, reviewed the state's work plan regarding United Nations' Kimberley Process (KP), with Ahmed Bin Sulayem, Chairman of the Dubai Multi Commodities Centre, who is also the country's chair of the KP for 2016. The Kimberley Process (KP) is a joint initiative of governments, industry and civil society to stem the flow of conflict diamonds – rough diamonds used by rebel movements to finance wars against legitimate governments. The meeting comes ...  >>MORE

UAE to take over as chair of Kimberley Process

Posted on 20/12/2015

On January 1, the UAE takes over as chair of the Kimberley Process, which is an important global working group in the diamond industry dedicated to stopping the trade of conflict diamonds, Ahmad Bin Sulayem is the UAE's representative in the Kimberley Process and once he becomes chair his three priorities are to improve the organisation's growth and reach, strengthen the ties between industry, government and civil society in the organisation, and to help new countries join the Kimberley ...  >>MORE

UAE to become chair of the Kimberley Process in 2016

Posted on 16/09/2015

Dubai Multi Commodities Centre, DMCC, one of the world's leading commodity hubs and the UAE Ministry of Economy's authority for the Kimberley Process Certification Scheme, KPCS, welcomes the selection of the UAE as the Vice-Chair of the Kimberley Process, KP, in 2015. The appointment was recently confirmed through a voting process involving all KP participants. The UAE will assume the role in 2016. Ahmed bin Sulayem, Executive Chairman of DMCC, said, "We are honoured to have been formally ...  >>MORE

Maryam Al Hashemi keeps UAE’s diamond industry shining bright

Posted on 04/01/2015

When people hear what Maryam Al Hashemi's job is, their eyes light up. As the director of the UAE Kimberley Process, the 36-year-old manages the office that checks all the rough diamonds entering the UAE to ensure they are ethically sourced. To many, it is an enviable task. "Once they hear what I do their eyes start to sparkle and they start saving money so I can get them a good discount on diamonds,” the mother-of-two jokes. "And when men hear it they say, ‘We will not introduce you to our ...  >>MORE

DMCC welcomes leading global diamond mining company ALROSA – Arcos East DMCC to Free Zone

Posted on 28/11/2014

The Dubai Multi Commodities Centre (DMCC), one of the world's leading commodity hubs for trade and enterprise and the largest and fastest growing Free Zone in the U.A.E., welcomed ALROSA, the Russian world leader in diamond mining, and its subsidiary Arcos East DMCC to Dubai, as the company opened their new office in Almas Tower. Alexander Efimov, Russian Ambassador to the U.A.E., Andrey Polyakov, Vice President, ALROSA and Dmitrii Chizhov, General Director, Arcos East were welcomed by Ahmed ...  >>MORE

Full house at Dubai Diamond Exchange's inaugural Zimbabwe diamond tender

Posted on 25/03/2014

The Dubai Diamond Exchange (DDE), a DMCC platform, is currently dealing with record numbers of participants at the inaugural Zimbabwe diamond tender, being held until 30th March. The tender is facilitated by Global Diamond Tenders DMCC in cooperation with the DMCC and features over 400,000 carats of rough diamonds from Anjin, Jinan, DTZ, DMC, Marange Resources, Mbada and Kusena. Neil Haddock, Managing Director, Global Diamond Tenders, reported that over 105 industry participants registered as ...  >>MORE

DMCC signs MoU with World Diamond Mark

Posted on 25/03/2014

DMCC ( Dubai Multi Commodities Centre), the region's global gateway for commodity trade and enterprise, and World Diamond Mark (WDM) have signed a Memorandum of Understanding (MoU) to increase sustainable consumer appeal and confidence in diamonds and the jewellery industry. WDM, a non-profit organisation operating out of Hong Kong, is a subsidiary of the World Federation of Diamond Bourses (WFDB), the largest diamond organisation representing 28 affiliated diamond bourses worldwide. As ...  >>MORE

UAE’s first ever pearl auction gets underway

Posted on 10/06/2013

Like most precious stones, pearls too differ enormously in terms of size, quality and price, and still remains popularly in the Middle East region. Industry experts say that between 2003 and 2011, the UAE pearl sector has witnessed a compound annual growth rate of 25 per cent over the last nine years, with 2011 witnessing US$29.5m of trade. The UAE harvested pearls were on Sunday sold at an auction for the first time in the country's history at an exclusive sale held at the Dubai Pearl ...  >>MORE

Dubai rated as top diamond destination globally

Posted on 26/05/2013

The global diamond industry is no longer dominated by the western world as it used to be traditionally, instead the focus has been shifted to the Arab world, more so with Dubai that has proved to become an important hub for all luxury brands including diamonds, and is also rated as the third largest diamond trading nucleus in the world. Dubai's ranking as one of the world's top diamond trade destination is evident following the showcasing of the diamond jewellery collection worth over US$80 ...  >>MORE

Dubai to make blood-diamond smuggling harder

Posted on 06/05/2012

Security is to be stepped up at Dubai International Airport as the emirate cracks down on so-called "blood-diamond" smugglers. Dubai's diamond trade has soared in recent years, growing from between US$2 million (Dh7.34m) and US$3m up to 2002 to about US$40 billion last year. Growth in the number of Kimberley Process (KP) Certificates, which certify the origin of rough stones, is expected to increase by 33 per cent this year alone. But an increasing number of visitors to Dubai is creating ...  >>MORE

Dubai emerges as world’s 3rd largest diamond hub

Posted on 04/10/2011

Dubai is set to reinforce its position as the world's third largest diamond trading hub with the value of 2011 trading set to surpass the $35 billion mark achieved in 2010, Ahmed bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre, or DMCC, said on Monday. From $20 billion in 2009, the value of Dubai's vibrant diamond trade rose to $35 billion in 2010, and this year it is poised to scale new highs, bin Sulayem said at a press briefing to announce the 8th Dubai City of Gold ...  >>MORE

Dubai hosts inaugural pearl auction

Posted on 18/01/2011

Dozens of containers filled with pearls sat in rows on a long line of tables while more than 100 buyers from 20 countries milled about. The auction, which featured pearls ranging in colour from champagne to steel-grey, was a low-key affair held at the Dubai Multi Commodities Centre; no gavels, no frantic bids, just the sound of pearls clinking against each other and muted chatter. The atmosphere, however, belied the true weight of the business being conducted . The gems on offer were worth ...  >>MORE

Dubai diamond trade rises 22% to 182m carats

Posted on 31/03/2010

Dubai Diamond Exchange (DDE), a subsidiary of Dubai Multi Commodities Centre Authority (DMCCA), yesterday announced that the total diamond trade in the emirate reached 182 million carats in 2009, 22 per cent more than the 2008 figures. According to figures from the Dubai World Statistics Department, a total of 80 million carats of polished diamonds were traded through the emirate in 2009 increasing by more than 150 per cent from 2008 when 32 million carats were traded. Rough diamond trade ...  >>MORE

Dubai records Dh99.6 million worth of pearl trade in 2009

Posted on 21/03/2010

Dubai Pearl Exchange (DPE), a subsidiary of Dubai Multi Commodities Centre Authority (DMCCA), announced today that a total of Dh99.6 million worth of pearls was transacted in Dubai in 2009. According to statistics from Dubai World Statistics Department, the pearl trade rose from Dh95 million to Dh99.6 million last year, driven by a 30 percent increase in imports. These figures are especially impressive given the extremely tough economic conditions that were expected to impact the trade. ...  >>MORE

Pearl Dubai, Sotheby’s Tie-up

Posted on 08/03/2010

Pearl Dubai, developers of the 20 million sq ft sustainable Dubai Pearl integrated destination overlooking the Palm Jumeirah, announced a tie-up with Singapore Sotheby's International Realty to leverage its luxury real estate network of offices across Asia for promoting the upscale development to high net-worth individuals. Dubai Pearl will commence a road-show across key Asian hubs in collaboration with Singapore Sotheby's International Realty.
 Expected to begin in March 2010, ...  >>MORE

New diamond boiling facility set up

Posted on 09/07/2009

A specialised plant for removing dirt and trace materials from rough and polished diamonds has been set up at the Dubai Multi Commodities Centre's (DMCC) Almas Tower, the Dubai Diamond Exchange (DDE) announced yesterday. The state-of-the-art diamond boiling facility will be used to ensure that diamonds reach their highest potential value. Boiling companies have existed to assist the rough diamond trade since the stones started to be mined on a large scale. Almas is the Arabic word for ...  >>MORE

Dubai, Angola explore opportunities to promote diamond trade

Posted on 29/06/2009

Dubai Multi Commodities Centre (DMCC) announced on Sunday that it has begun exploring opportunities to strengthen ties with Angola in the area of diamond trade. Dubai's delegation, comprising Ahmed Bin Sulayem, Executive Chairman of DMCC, Peter Meeus, Chairman of Dubai Diamond Exchange and Paul Motmans, an expert on the Angolan economy, met with senior government officials of Angola at a high-profile dinner meeting in Luanda, Angloa, earlier this month. Dubai and Angola are in the ...  >>MORE

UAE and China forge diamond links

Posted on 09/11/2008

China and the UAE have linked up for a massive push into the diamond and jewellery trade. Hundreds of delegates from around the world gathered in Dubai yesterday for the first Middle East-China Diamond and Jewellery Summit at the Dubai Multi Commodities Centre (DMCC). The two-day conference aims to boost relations between China and the Middle East across the entire jewellery and diamond industry. Participants gathered with a common objective to capitalise on the strengths of these emerging ...  >>MORE

Giant diamond showcased in Dubai

Posted on 09/11/2008

A giant rough diamond mined from South Africa, and expected to be snapped up by a local buyer, was named in Dubai yesterday. The diamond, a 478-carat white gem, measuring more than five centimetres long and worth upwards of Dh36.7 million (US$10m) was named after the Lesotho mine where it was uncovered in December: the Leseli La Letseng, or Light of Letseng. It is the 20th largest diamond in the world. "The naming of what could become the largest-ever polished round diamond is another ...  >>MORE

Dubai coloured stones market shows strong growth potential

Posted on 15/10/2008

The coloured stones market is set to expand faster than other jewellery categories in the next five years, according to a new survey released yesterday by the Dubai Gems Club (DGC), a subsidiary of the Dubai Multi Commodities Centre (DMCC). The findings of the survey were released at the ICA International Gem Fair 2008, the region's first dedicated coloured stones trade show, being held in Dubai this week. The research, a first for the region's coloured stones industry, was commissioned by ...  >>MORE

Dubai to host world's first Pearl Forum

Posted on 24/09/2008

The Dubai Pearl Exchange, a subsidiary of the Dubai Multi Commodities Centre (DMCC), announced that it would host the first-ever World Pearl Forum, with the objective of bringing together the global pearl sector, and addressing ways to grow the worldwide market for pearl jewellery. The initiative, sponsored by Dubai World, is in accordance with DMCC's continuing effort to revitalise the global pearl trade, and build on Dubai's historic status as the pearl centre of the Gulf. The event will be ...  >>MORE

Dubai's rough diamond trade reaches US$3.03bn in first half 2008

Posted on 17/08/2008

Dubai's total trade of rough diamonds increased by 36% to reach US$3.03bn at the end of the first six months of 2008, according to Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC). During the first six months of 2008, rough diamond imports to the Emirate grew by 23% to reach US$1.15bn from US$937m, during the same period in 2007. This was mainly driven by high volumes imported from Angola (75%), and a 138% rise in imports from China. Exports in the first ...  >>MORE

Dubai and Thailand explore trade opportunities for coloured stones

Posted on 10/07/2008

Dubai Multi Commodities Centre (DMCC) and the Thai Gem and Jewellery Traders Association (TGJTA) signed an agreement Wednesday, making TGJTA the first affiliate member of the Dubai Gems Club (DGC), a strategic initiative of the Coloured Stones and Pearls Division at DMCC. This agreement will boost trade opportunities between Dubai and Thailand, both fast-emerging markets for gems and coloured stones. Thailand, a major global gem trading and processing centre, is the second largest exporter of ...  >>MORE

Dubai's diamond trade reached US$11.23 billion in 2007

Posted on 03/03/2008

Dubai's total diamond trade increased by 53 per cent in 2007 to reach US$11.23 billion, as demonstrated by statistics released today by the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC). The Emirate's rough diamond trade recorded a 29 per cent increase from 2006 to reach US$4.82 billion, while trade in polished diamonds increased by a massive 88 percent to reach US$6.41billion. In 2006, Dubai's total rough trade amounted to US$3.93 billion while total ...  >>MORE

DMCC plans pearl trading hub at The World

Posted on 26/02/2008

Dubai is setting up a pearl trading centre to strengthen its position in the jewellery trade and capitalise on the UAE's cultural heritage to attract more tourists. The Dubai Multi Commodities Centre (DMCC), which is behind the Pearls of Arabia project on the "Antarctica" island of The World, said it will provide a "free trade environment" for pearl traders. The destination will have a pearl-themed cultural heritage centre, a performing arts theatre, an exhibition gallery and a themed ...  >>MORE

New diamond laboratory in Dubai to standardise trading

Posted on 12/02/2008

The Dubai Diamond Exchange (DDE) is taking on an ambitious project to commodify the diamond trade for the first time globally, bringing transparency to pricing and creating potential for a futures market for the precious stones, according to the head of the exchange. International Diamond Laboratories (IDL), a new diamond certification service and a joint venture project by Dubai Multi Commodities Centre (DMCC), has been created to help move the project along, said Youri Steverlynck, Chief ...  >>MORE

Sheikh Mayed bin Mohammed unveils world’s first Arabic-language diamond certificate

Posted on 27/12/2007

Dubai-based International Diamond Laboratories (IDL) has become the world's first issuer of Arabic-language Diamond Certificates. The first such certificate was presented by Sheikh Mayed bin Mohamed bin Rashid Al Maktoum, to Tamjid Abdullah, Deputy Managing Director of Damas Jewellery, for a 24-carat pear shaped diamond. IDL, an initiative of Dubai Multi Commodities Centre, provides high-quality diamond certification services from its headquarters in the UAE, and branch offices in Antwerp and ...  >>MORE

Rough diamond trade in Dubai touches US$1.08b

Posted on 06/12/2007

The total trade in rough diamonds in Dubai touched US$1.08 billion in the third quarter of 2007, according to the Dubai Diamond Exchange (DDE). This was 31 per cent higher than the US$828 million traded in 2006. DDE is a unit of Dubai Multi Commodities Centre (DMCC). In the third quarter of 2007, Dubai imported rough diamonds worth US$447.6 million, an increase of 32 per cent from US$337.4 million in 2006. Exports touched US$640.2 million, a 30 per cent increase from US$490.5 million in 2006. ...  >>MORE

Dubai rough diamond trade touches US$2.24 billion in first half of 2007

Posted on 16/07/2007

The Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), announced today that the total trade in rough diamonds in Dubai reached US$2.24 billion in the first half of 2007. This was overall 17 per cent higher than the US$1.91 billion traded during the same period in 2006. Between January and June of this year, rough diamond imports into Dubai increased by 26 per cent, to US$937 million, while exports exceeded US$1.3 billion, marking a 12% increase. In terms ...  >>MORE

UAE jewellery trade topped US$6b in 2006

Posted on 08/05/2007

Dubai's exports of precious and semi-precious gemstones in the first half of 2006 exceeded Dh2.4 billion, "firmly establishing the emirate as a new world centre for the gemstone trade", the UAE Minister of Economy, Sheikha Lubna Al Qasimi, said yesterday at the International Coloured Stones Association (ICA) Congress held in Dubai. Last year, the UAE accounted for more than US$6 billion of the US$146 billion global jewellery market, almost a third of the regional total. And the gemstones ...  >>MORE

Dubai's rough diamond trade hits US$3.93b

Posted on 11/03/2007

The total trade in rough diamonds in Dubai reached US$3.93 billion (Dh14.42 billion) in 2006, up from US$3.73 billion (Dh13.69 billion) in 2005, according to the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC). Rough diamond imports to the emirate reached US$1.56 billion (Dh5.732 billion) in 2006, while exports stood at US$2.37 billion (Dh8.7 billion) for the same period. In terms of carat value, a total of 84.6 million carats were traded in 2006, ...  >>MORE

Master Plan launched for Dubai's diamond sector

Posted on 28/02/2007

The Dubai Multi Commodities Centre (DMCC) revealed yesterday a Master Plan to further develop a service economy through supporting the diamond trade. The Master Plan seeks to implement a three-pronged strategy for business development, trade support and the creation of an interface to structure market interaction in the diamond sector in Dubai. The Master Plan will be implemented under the co-ordination of Peter Meeus, the newly appointed Executive Director for Diamonds and Coloured Stones. ...  >>MORE

Dubai's rough diamond trade may slow down

Posted on 15/01/2007

The rough diamond trade in Dubai will grow at 10-15 per cent annually in the coming years, a senior official said on Sunday. This would mean a slowdown from the recent high growth. The total trade in rough diamonds was US$3.73 billion in 2005 and grew more than 46 per cent from US$2.55 billion in 2004, according to the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC). According to DDE statistics for the January-August period of 2006, the total trade ...  >>MORE

UAE set to become jewel of global diamond trade

Posted on 12/12/2006

The UAE is set to become the diamond capital of the world, given its strategic location as the business hub and popular tourist destination in the Middle East, says an industry official. "Currently, diamonds command a higher price in the market, and we anticipate a rise in the demand and the consumers' purchasing power and their awareness of these precious stones increases in the near future," says Harshad Mehta, Chairman of Rosy Blue, which claims to be one of the world's leading diamond ...  >>MORE

Diamond trade makes up for gold market slump

Posted on 12/10/2006

Surging gold prices may have hammered the gold market, but a healthy trade in diamonds has seen an overall increase in the value of Dubai's gold and diamond trade. According to new statistics supplied by the Dubai Chamber of Commerce and Industry (DCCI), the share of gold and diamond trade to Dubai's total non-oil direct trade increased from 18 per cent in 2003 to 24 per cent in 2004 and 23 per cent in 2005. In 2004, value of trade on gold reached Dh21.4 billion, for an annual rise of 74 per ...  >>MORE

New York Diamond Dealers Club honours Ahmed bin Sulayem

Posted on 14/06/2006

The New York Diamond Dealers Club (DDC) recently honoured several dignitaries associated with the global diamond industry, as part of its 75th anniversary celebrations. Ahmed bin Sulayem, Chief Operating Officer of the Dubai Multi Commodities Centre and Chairman of the Dubai Diamond Exchange (DDE) was among those honoured by the DDC for their contribution to the global diamond industry. The award was presented by Club President Jacob Banda in the presence of international diamond industry ...  >>MORE

Diamond bourse to be sole gateway for diamonds in UAE

Posted on 13/06/2006

The Dubai Diamond Exchange will be the sole gateway for imports and exports of polished diamonds in the UAE, the federal cabinet has decided, a WAM news report said yesterday. The Dubai Diamond Exchange, a unit of the Dubai Multi Commodities Centre, is already the single point of entry for rough diamonds since it implements what is called the Kimberly Process Certification Scheme in the UAE. The Kimberly Process is a UN initiative meant to resolve conflict diamonds and comprises the issue of ...  >>MORE

Dubai's rough diamond trade touches US$3.734 billion in 2005

Posted on 08/04/2006

The total trade in rough diamonds in Dubai grew by a record 46.25 per cent in 2005, to US$3.734 billion, up from US$2.553 billion in 2004, according to the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC). Dubai exported diamonds valued at US$ 2.248 billion in 2005 while imports for the same period touched US$1.484 billion. In terms of carat value, imports of rough diamonds stood at almost 37 million carats in 2005, while exports from Dubai reached over ...  >>MORE

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Quick List

KP Chair holds talks on rough diamond with South Korean officials


UAE Kimberley Process Chair 2016 publishes mid-term report


UAE elected chair of Kimberley Process 2016


Al Mansouri briefed about state agenda on Kimberley Process


UAE to take over as chair of Kimberley Process


UAE to become chair of the Kimberley Process in 2016


Maryam Al Hashemi keeps UAE’s diamond industry shining bright


DMCC welcomes leading global diamond mining company ALROSA – Arcos East DMCC to Free Zone


Full house at Dubai Diamond Exchange's inaugural Zimbabwe diamond tender


DMCC signs MoU with World Diamond Mark


UAE’s first ever pearl auction gets underway


Dubai rated as top diamond destination globally


Dubai to make blood-diamond smuggling harder


Dubai emerges as world’s 3rd largest diamond hub


Dubai hosts inaugural pearl auction


Dubai diamond trade rises 22% to 182m carats


Dubai records Dh99.6 million worth of pearl trade in 2009


Pearl Dubai, Sotheby’s Tie-up


New diamond boiling facility set up


Dubai, Angola explore opportunities to promote diamond trade


UAE and China forge diamond links


Giant diamond showcased in Dubai


Dubai coloured stones market shows strong growth potential


Dubai to host world's first Pearl Forum


Dubai's rough diamond trade reaches US$3.03bn in first half 2008


Dubai and Thailand explore trade opportunities for coloured stones


Dubai's diamond trade reached US$11.23 billion in 2007


DMCC plans pearl trading hub at The World


New diamond laboratory in Dubai to standardise trading


Sheikh Mayed bin Mohammed unveils world’s first Arabic-language diamond certificate


Rough diamond trade in Dubai touches US$1.08b


Dubai rough diamond trade touches US$2.24 billion in first half of 2007


UAE jewellery trade topped US$6b in 2006


Dubai's rough diamond trade hits US$3.93b


Master Plan launched for Dubai's diamond sector


Dubai's rough diamond trade may slow down


UAE set to become jewel of global diamond trade


Diamond trade makes up for gold market slump


New York Diamond Dealers Club honours Ahmed bin Sulayem


Diamond bourse to be sole gateway for diamonds in UAE


Dubai's rough diamond trade touches US$3.734 billion in 2005