Dubai Gems Club Launched
June 20, 06 by IDEX Online Staff Reporter
Dubai’s growing industry in colored stones, diamonds, and pearls has been boosted by a further infrastructure development, as the Dubai Multi Commodities Centre (DMCC) launches the Dubai Gems Club (DGC), an exclusive trading platform dedicated to gemstones.
The Dubai Gems Club to focus
on all industry issues related
to colored stones, pearls and
jewelry |
The Dubai Gems Club will offer its members an exclusive platform to network and engage in dialogue with the objective of transacting business. Membership will initially be restricted to about 25 companies and priority will be given to registered members of the DMCC free zone.
“Effectively, this is the launch of a new bourse in Dubai,” explained Ahmed bin Sulayem, CEO, DMCC. “The Dubai Gems Club will offer members exclusivity alongside the facility of secure trading rooms, respecting the privacy of traders, in keeping with the international norms of the colored stones and diamonds trade. Accordingly, Dubai Gems Club will not disclose statistics or details of trade transactions conducted through the club, unless specially requested by the traders themselves.”
The global market for these precious commodities is around $85 billion, with annual growth of between 5 and 10 percent.
“The Dubai Gems Club is expected to focus on all industry issues related to colored stones, pearls and jewelry with the objective of raising the profile of the colored stones sector in Dubai and bring it on par with the gold and diamond trade,” said Tawfic Farah, executive director diamonds and colored stones, DMCC. ”In keeping with Dubai’s growing role as the hub of jewelry trade, we also plan to develop a database of trade statistics for gems and colored stone jewelry,” he added.
Other industry specific issues that will be of interest to the Dubai Gems Club include lobbying the Ministry of Economy to change existing rules regarding customs duty on the import of colored stones and pearls, and implementing international standards for import and export. The Club also plans to hold training programs for representatives of the colored stones and jewelry industry.
