UAE’s gets diamond polishing factory
DUBAI 19 October 2017: The largest rough diamond in the world was unveiled to a crowd of industry insiders and precious stone experts in Dubai during the third edition of Dubai Diamond Conference.
DMCC (Dubai Multi Commodities Centre) hosted the third edition of the conference on 16th and 17th October, which attracted 350 global industry stakeholders.
DMCC Dubai Diamond Conference from BroadcastExchange on Vimeo.
It was also the venue of the announcement of the opening of the 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.
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 US$3.5 billion in 2003 to $25 billion 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.
