DMCC Introduces Master Plan for Dubai’s Diamond Sector
February 28, 07
The Dubai Multi Commodities Centre (DMCC) revealed a “Master Plan” for the local diamond industry, a three-pronged strategy for business development, trade support and the creation of an interface to structure market interaction in the diamond sector in Dubai.
The DMCC says the plan calls for the development of tailor-made solutions for producers of rough diamonds to market their production through Dubai. “DMCC will also undertake initiatives to make additional finance available to the diamond trade. The strategy includes plans to develop industry specific forums, including a B2B trade fair for the international diamond community, effectively positioning Dubai as a global hub for this growing sector,” DMCC said in a press release.
It went on to say that, some of the diamond-industry related services in DMCC’s pipeline include establishing its own diamond-grading laboratory and a diamond academy. The academy will tie-up with institutions to offer a complete range of training programs for the diamond industry across the entire value chain from identification and grading to manufacturing. These initiatives are expected to actively stimulate the development of a specialized servicing economy to the trade.
“DMCC’s strategic focus on the diamond industry incorporates its vision to establish Dubai as the regional diamond centre, and the gateway to the growing consumer markets in the Middle East and beyond,” said DMCC CEO and Dubai Diamond Exchange Chairman Dr David Rutledge.
“We are exploring a variety of options to implement this objective and offer supportive services to the diamond trade. These include tie-ups with established industry service providers, investment projects and encouraging new players to set up base in Dubai,” Rutledge explained.
Peter Meeus, former HRD managing director and the newly appointed Executive Director for Diamonds and Colored Stones will co-ordinate the implementation. Meeus will take over from Tawfic Farah, who will be returning to the Gemological Institute of America (GIA).
Meeus will be assisted by Youri Steverlynck, who has been appointed as the new CEO of the Dubai Diamond Exchange, succeeding Noora Jamsheer, who stepped down earlier after serving the DMCC in various capacities over the past four years.
The Dubai Multi Commodities Centre, a strategic government initiative, rated 'A' by Standard & Poor's, is establishing Dubai as a diamond trading and value-adding centre of global significance. Under a free zone status, DMCC will accommodate every facet of the business - manufacturing, trade, education, certification, and technology.