Since 2003, value of diamonds traded through Dubai has grown from 3.5 billion US dollars to 25 billion US Dollars in 2016
Nemesis international inaugurates UAE’s first state-of-the-art polishing factory, contributing to the increase of the region’s diamond processing and trading volume.
DMCC (Dubai Multi Commodities Centre) hosted the third edition of the Dubai Diamond Conference this week (16th and 17th October), announcing the opening of its 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.
Speaking at the conference, Ahmed Bin Sulayem, Executive Chairman, DMCC said: “Diamonds have long played an illustrious role in Dubai’s heritage as a gateway for global trade. And, in just 15 short years, Dubai has become the third biggest diamond trading centre in the world.”
VIDEO: Dubai Diamond Conference
Under the theme “Shaping the future of an interconnected marketplace”, the third edition of the biennial conference was attended by International leaders of the diamond industry ranging from African Ministers to traders, financiers and world-renowned jewellers, who came together to discuss the challenges and opportunities facing the trade today.
Also on show at the event, was the largest rough diamond in the world, which was unveiled to a crowd of industry insiders and precious stone experts.
‘The Art of de GRISOGONO – Creation I’ is a high-end jewellery necklace featuring a 163.41-carat Flawless D-Colour diamond and valued in excess of $30 million. The emerald-cut diamond is the largest ever to be presented at auction and will be sold at Christie’s in Geneva on 14th November 2017.
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 3.5 billion US dollars in 2003 to 25 billion US Dollars in 2016 respectively.
Today, the Dubai Diamond Exchange is a leading diamond centre based providing everything the industry requires in terms of infrastructure and a marketplace – all under one roof in a secure environment including: Customs, vaulting, polishing, boiling, cutting, certification, transport and logistics services and the Kimberley Process Certification Scheme.
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.