DMCC (Dubai Multi Commodities Centre), Dubai’s and 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 from Hong Kong, is a subsidiary of the World Federation of Diamond Bourses (WFDB), the largest diamond organisation representing 28 affiliated diamond bourses worldwide.
As outlined in the MoU, DMCC will support WDM’s objectives to ensure the health and future growth of the diamond and jewellery industry in core consumer markets. This will include the facilitation of WDM’s outreach to key stakeholders such as government organisations. In turn, WDM will recognise DMCC as a member of World Diamond Mark and as the partner for WDM project implementation in the Gulf region.
Gautam Sashittal, Chief Executive Officer, DMCC said:
“A number of factors have led DMCC and Dubai to grow into one of the world’s top three diamond centres over the past decade. A key factor is our continuous cooperation with the producing and consuming nations to enable industry participants to trade with confidence and to increase the flow of trade through Dubai.
It is therefore important to acknowledge the impact our strategic partnerships with organisations such as World Diamond Mark make on a regional and international scale for our members. We see great potential in our new association with the World Diamond Mark who are undertaking this important initiative to further connect trading partners across the globe”.
Alex Popov, Chairman, WDM added:
“We look forward to further expanding our reach in the Middle East and to access new markets through our collaboration with the DMCC. DMCC has enabled Dubai to become a leading diamond and jewellery hub with over 1,000 key member companies from the industry based in their free zone. Their support will be pivotal as we look to roll out our initiative to other regions in 2014.”
The agreement was signed at the Atlantis The Palm hotel where the 1st Global Gems and Jewellery Fair (GGJF) is being held. GGJF is an exclusive B2B exhibition co-organised by DMCC with the Gems and Jewellery Export Promotion Council of India (GJEPC). WDM representatives took advantage of having the international jewellery wholesale and retail community in attendance to launch WDM in Dubai.
Ahmed Bin Sulayem, Executive Chairman, DMCC said:
“We are very encouraged to see how World Diamond Mark is moving forward and bringing its participation to Dubai which is already a regional leader in diamond jewellery trade. We congratulate Alex Popov for leading this initiative and look forward to working closely with him in making it a success.”
Alex and representatives of WDM hosted a special roll-out session during GGJF where industry participants were given an introduction to WDM’s objectives and opportunities to participate in this new initiative.
Established in 2004 and based in Almas Tower (Almas means diamond in Arabic), the Dubai Diamond Exchange (DDE) is a member of the WFDB and a keen supporter of all its initiatives. In addition to the DDE, Almas Tower, the flagship tower of the DMCC Free Zone and the Middle East’s tallest commercial tower, is also home to the Dubai Pearl Exchange, the Dubai Gold and Diamond Vaults, the UAE Kimberley Process and over 600 diamond and gold related companies including De Beers, Rosy Blue, Dhamani Jewels and more. Almas Tower also provides diamond polishing, grading, manufacturing and boiling facilities.
With 66 mixed-use commercial and residential towers and over 220 retail outlets in operation, there are currently over 80,000 people working and living in the DMCC Free Zone. With over 7,800 member companies, an average of 200 companies choosing to join DMCC each month and a 94% retention rate, DMCC remains the UAE’s largest and fastest growing free zone.