20 Aug 2019
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By: Diamond World News Service
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Feb 21 2015 6:26PM
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Reference: 11205  

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To ease trade alongside the silk route by providing people with the tools they need to thrive is always been the aim of Dubai's trade and commerce.This has immensely pushed Dubai on the top when it comes to diamonds. Kunjal Karaniya explores this diamond hub at the centre of the New Silk Route.

Dubai has surfaced as one of the most important universal diamond trading hubs, giving still competition to competitor hubs like Mumbai and Antwerp.In 2011, Dubai did a business of record USD 39 billion (Dirham 143.25billion) in diamonds, placing it in third position globally.Antwerp, which was at the front position of the universal diamond trade for centuries till it was lately seized by Mumbai. Antwerp did a business of about USD 50 billion worth of diamonds in the same year whereas around USD 60 billion worth of stones passed through Mumbai.

According to official figures, the diamond trade in Dubai has developed extremely rapidly. In 2013, at its commencement,USD 5 million of stones were traded through Dubai.

Neil Haddock, the Managing Director of Global Diamond Tenders said, "I was one of the first diamond traders to move to Dubai and set up a DMCC company. At that point there was not a great deal going on here. But so much has changed between 2005 and 2013. There were many sceptics at that point but I think all of the sceptics will eat their words."

Ahmed Bin Sulayem, the Executive Chairman of the Dubai Multi Commodities Centre (DMCC), home of the Dubai Diamond Exchange said that the rise to prominence was welcomed but not a goal in itself. "We are an important part of the global market, but we are partners with Antwerp, Mumbai, New York, and all the other major centres. There is no finish line in view for us. We will continue to drive the business with excellence. But there is no first or second or third. We are one of the best diamond centres in the world and we are happy to be in good company." He further added, “The year 2015 will be an interesting year for the global diamond trade and the global diamond industry has been going through a historic transformation over the last couple of years with the centre of gravity shifting from West to East.”

Dubai’s strong leadership and vision has enabled the Emirate to quickly transform itself into a key link in the global transport and distribution system. Since its inception in 2002, DMCC has successfully established Dubai as the global gateway for commodities trade by building and enhancing its physical and financial infrastructure, regulatory standards, products and services, including the launch of the DDE and the Dubai Gold and Commodities Exchange (DGCX). This has positioned Dubai as one of the world’s leading diamond centres.

Important Bodies in Dubai:
The Dubai Diamond Exchange (DDE), a Dubai Multi Commodities Centre (DMCC) platform, is all set to host the second Dubai Diamond Conference from April 21 to April 22, 2015. DMCC is dedicated to enhancing Dubai’s position as the global gateway for commodity trade. The most successful markets create conditions that enable producers, traders and consumers to thrive. The DMCC is a Dubai government authority committed to developing these ideal conditions for trade and enterprise. DMCC has a strong track record in commodity trade facilitation and they encourage and support business through the platforms they provide. These include our Free Zone, commodity exchanges, legal and regulatory frameworks and our strong real estate offering. As part of DMCC’s Free Zone expansion strategy to provide large corporates' with a commercial property offering unique to the Dubai marketplace – DMCC is developing the Burj 2020 District with the world’s tallest commercial tower, the Burj 2020, as its centrepiece. For diamonds, DMCC has delivered a unique ecosystem in the Dubai Diamond Exchange, implementing a robust framework that has rapidly expanded its custom by maximising its strong connectivity with both producer markets in Africa, cutting centres in Asia and consumers in Europe, the U.S. and China. By providing world-class infrastructure and extending an open hand to service providers, regional and international trading partners, DMCC continues to ensure industry participants can trade with confidence and access new markets.

Dubai Diamond Exchange (DDE) is a DMCC platform and 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: DDE, vaulting, boiling, polishing, certification, transport and logistics services and the Kimberley Process Certification Scheme.

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