DDE announces new appointment to its Board of Directors

The recent new appointment announced at the Dubai Diamond Exchange (DDE) has broadened its Board of Directors. DDE is a subsidiary of Dubai Multi Commodities Centre (DMCC). Mr. Prince Mupazviriho, Permanent Secretary of the Ministry of Mines and Mining Development of the Republic of Zimbabwe is the new name appointed to the DDE’s Board of Directors.

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.”

Mr. Prince Mupazviriho has held various posts in the Public Sector over the past 20 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. He holds a Masters of Business Administration General Graduate from the University of Hull with special interest in Organisational Development, Strategic Management and Performance Measurement.

Upon his appointment, Mr. Prince Mupazviriho, Permanent Secretary of the Ministry of Mines and Mining Development commented: “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 percent of the world’s diamond production by value and 56 percent 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 percent 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.