DMCC and Diamond Bourse of Italy discuss future of trade

Business Bureau, Gulf Today

DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has announced details surrounding its latest campaign to boost international diamond trade through the emirate of Dubai.

On 2 December 2019, in conjunction with attending the Milan Coffee Festival, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC visited the Borsa Diamanti d’Italia (Diamond Bourse of Italy) in Milan to meet its members and senior representatives of the Italian jewellery industry.

Having been invited to visit one the world’s oldest diamond exchanges during the Dubai Diamond Conference in Almas Tower, Bin Sulayem, presented the senior management of Borsa Diamanti d’Italia with two exclusive gifts; the DMCC Gold Bullion Coins and a ‘Dubai Cut’ diamond – a unique design with 99 facets, created by DMCC in conjunction with the Dhamani Group. Certified by the GIA, it is the world’s first diamond cut inspired and named after a city.

“Earlier this year, DMCC was delighted to host Borsa Diamanti d’Italia during the WFDB Presidents meetings in Almas Tower, Dubai. Meeting again in Milan forges our strong relationship and is a natural progression of our conversations regarding the challenges and opportunities in the diamond industry. We recognize the synergies shared between our markets and the Dubai Diamond Exchange stands ready to support where it can,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC

“I must thank the Borsa Diamanti D’Italia for the hospitality extended to my team during our time in Milan, as well as the enthusiasm on show from its members when celebrating UAE National Day with us,” he added.

In September 2019, DMCC unveiled the redesigned and upgraded Dubai Diamond Exchange (DDE) auction facility, the world’s largest diamond trading floor located at the Almas Tower in Jumeirah Lakes Towers, Dubai, UAE. Both the DDE and Borsa Diamanti D’Italia are members of the World Federation of Diamond Bourses (WFDB).

Borsa Diamanti D’Italia was one of the first exchanges to vote for Dubai Diamond Exchange to become a member of the World Federation of Diamond Bourses (WFDB).

“As long standing partners, the Borsa Diamanti D’Italia was delighted to host Ahmed Bin Sulayem and DMCC. It was fascinating for our members to learn more about the Dubai Diamond Exchange, and how the diamond trade in the United Arab Emirates has grown so significantly in recent years. We look forward to working closely with DMCC going forward to ensure the Italian diamond industry can leverage the growing potential to do trade in, with and through Dubai,” said Luigi Cosma, President, Borsa Diamanti D’Italia (Diamond Bourse of Italy).

“We are also honoured to now hold a ‘Dubai Cut’ diamond in our facilities, an exceptional stone which was gifted to us on the occasion of DMCC’s visit on the special occasion of UAE National Day,” he added.

DMCC Free Zone is the largest free zone in the UAE, with more than 15,000 registered members as of 2018. In 2018, DMCC was named number one global free zone for a fourth consecutive year by the Financial Times FDi magazine.

DMCC has also launched the Middle East’s first Google for Entrepreneurs Global Tech Hub with AstroLabs Dubai.

DMCC supports commodity trading through organisations such as the Dubai Diamond Exchange (DDE), the Dubai Pearl Exchanges (DPE), DMCC Tradeflow, the Dubai Good Delivery Standard (DGD) for Gold, the DMCC Tea Centre, and the DMCC Coffee Centre.

The Dubai Diamond Exchange (DDE) was established in 2004 to facilitate the development of the diamond and coloured gems market. Dubai ranks third behind Antwerp and Mumbai in the leading global diamond hubs in terms of trade, growing from $300 million (Dhs1.10 billion) in trade in 2002 to $26 billion in 2016. The Dubai Pearl Exchange (DPE) provides facilities for traders in pearls and holds events like the World Pearl Forum. In early 2011, DPE held the first pearl auctions outside of the Far East.

DMCC offers financial products. These include Dubai Commodity Asset Management (DCAM), Dubai Shariah Asset Management (DSAM), DMCC Tradeflow, and the Dubai Gold & Commodities Exchange (DGCX).

Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future.