DUBAI DIAMOND EXCHANGE ANNOUNCES APPOINTMENTS
TO BOARD OF DIRECTORS
The Dubai Diamond Exchange (DDE), a subsidiary of Dubai Multi Commodities Centre (DMCC), has expanded its Board of Directors with the appointment of Mr. Prince Mupazviriho, Permanent Secretary of the Ministry of Mines and Mining Development of the Republic of Zimbabwe.
Ahmed bin Sulayem, Executive Chairman, DMCC said: "The Dubai Diamond Exchange has gained global recognition and is currently ranked among the world's top three market places for rough diamonds. With prominent industry executives on the Board of Directors, we are confident of enhancing Dubai's strength as an attractive diamond trading hub.
We are well positioned to cater for those producing countries in Africa to trade through to the consuming countries in Asia along what we call the New Silk Route. We look forward to having Prince Mupazviriho join our Board and bring his experience and depth of knowledge to our exchange.”
With a Masters of Business Administration General Graduate from the University of Hull with special interest in Organisational Development, Strategic Management and Performance Measurement, Mr. Prince Mupazviriho has held various posts in the Public Sector over the past twenty years and has been instrumental in implementing performance and results based management in the Zimbabwean Public Service; responsible for managing the Youth Development Fund; the Employment Creation Fund in the Ministry of Youth Development, Indigenisation and Empowerment; and is a Member of the National Indigenisation and Economic Empowerment Board and the Public Service Housing Development Company.
Upon his appointment, Mr. Prince Mupazviriho, Permanent Secretary of the Ministry of Mines and Mining Development commented: “On behalf of the Republic of Zimbabwe, I feel privileged to be part of the success story of the DDE. The DDE is the first diamond exchange to formally recognise the importance of the African producers and I look forward to bringing a unique perspective in order to strengthen the global diamond trade.”
Today Africa accounts for 61% of the world’s diamond production by value and 56% by volume (carats). In Zimbabwe, 2012 production was approximately 12,050,607 carats, a 17 fold increase over five years. Zimbabwe aims to account for 25% of global production by 2020.
Peter Meeus, Chairman of the Board of Directors of DDE added: “The diverse international composition of the DDE’s Board of Directors is a clear reflection of our truly global status in the diamond trade.”
Established in 2004, DDE is a member of the World Federation of Diamond Bourses (WFDB) and a keen supporter of the WFDB in all its initiatives. As the UAE is a signatory to the Kimberley Process Certification Scheme, which ensures that all rough diamonds imported to and exported from the country have been mined in a legitimate matter, the Dubai Diamond Exchange fully complies with the Kimberley Process.
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About The Dubai Multi Commodities Centre
The Dubai Multi Commodities Centre (DMCC) is a strategic initiative of the Government of Dubai, was established in 2002, with a mandate to provide the physical, market and financial infrastructure required to set up a commodities market place in Dubai. The Centre attracts key players throughout the entire value chain of a wide range of commodities sectors, together with relevant support industries such as finance, logistics and insurance. DMCC has established a robust infrastructure, including free zone status, trade networking platforms, secure vaults and purpose-built storage facilities. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including 50-year guaranteed 0% corporate and personal income tax, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment. DMCC has also implemented a dedicated compliance policy in the organisation, which is in line with the compliance related laws and regulations of the UAE Federal Government and the competent international bodies. DMCC owns three fully operational towers which host the majority of the physical, market and financial infrastructure including the Jewellery & Gemplex facility, the specialised diamond and pearl exchanges and gold vault. www.dmcc.ae
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