Leaders of the Dubai and Saudi jewellery industry met recently in Jeddah to work out ways for cooperation and mutual partnerships. Key decision makers from Dubai including senior members of the Dubai Multi Commodities Center (DMCC), International Diamond Laboratories (IDL) and the Dubai Diamond Exchange (DDE) interacted with the President of the Saudi Jewelers Committee and leaders of the Saudi jewelry industry.

According to Youri Steverlynck, CEO, DDE. “Considering that Saudi Arabia accounts for 70% of the region’s diamond jewelry market, cooperation between Dubai and Saudi Arabia is clearly vital”. Saudi gold and jewelry consumption is estimated to exceed $7.2 billion annually. He added “By creating new synergies, we can further enhance the regional diamond market and, in the process, increase the level of confidence in the diamond market among both retailers and consumers.”