This weekend, May 11 -13, the Dubai Multi Commodities Centre (DMCC) will be hosting what it is calling the "first-ever rough laboratory-grown diamonds tender" on its Dubai Diamond Exchange (DDE). According to a press release, 50,000 carats of Chemical Vapour Deposition (CVD) lab-grown diamonds will be on offer. "The tender is in line with DMCC’s strategy to attract, facilitate and drive new trade flows through Dubai," the organization says.
The Gemological Institute of America (GIA) is enhancing its ‘Know Your Customer’ (KYC) program. As of May 1, the GIA will require all new and current laboratory clients to confirm the identity and ownership of their businesses, and to provide identifying information for all authorized representatives conducting business with GIA on their behalf. "These requirements are recognized globally and are not unique to GIA," reads a statement from the GIA.
Billions of dollars’ worth of gold is being smuggled out of Africa every year through the United Arab Emirates, a Reuters analysis has found. In a devastating exclusive report (and video), authors David Lewis, Ryan McNeill and Zandi Shabalala write that customs data shows the UAE imported $15.1 billion worth of gold from Africa in 2016, more than any other country and up from $1.3 billion in 2006, but much of the gold was not recorded in the exports of African states.
The Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), recently signed a service agreement to join the MyKYCBank platform of the Gem & Jewellery Export Promotion Council (GJEPC). DMCC Executive Chairman and DDE Chairman Ahmed Bin Sulayem GJEPC Chairman Pramod Kumar Agrawal did the honours. The DMCC is the fourth trade body to join the MyKYCBank after the GJEPC, Bharat Diamond Bourse (BDB) and the Antwerp World Diamond Centre (AWDC). The agreement enables DMCC members trading in diamonds, gold and precious stones to join the MyKYCBank platform.
Speaking at the opening day of the Dubai Diamond Conference, at the Dubai Multi-Commodities Centre (DMCC), Peter Meeus, Chairman of Dubai Diamond Exchange (DDE) said the Value-Added Tax (VAT) set to be introduced in the UAE from next year could deal a crippling blow to Dubai's loose diamond trade. “The possible cost implications of a VAT introduction for UAE traders are huge,” Meeus said. “Winter is coming,” he added, "because in a business where profit margins are very thin, every quarter of a per cent is important to traders handling billions of dollars to decide where to ship." He furthe
The World Diamond Council (WDC), an industry group focused on preventing conflict diamonds from entering the legitimate global supply chain and protecting the value of natural diamonds, will hold its 13th Annual General Meeting (AGM) in Dubai, United Arab Emirates, October 15-17, 2017. The meeting will be hosted by Dubai Multi Commodities Centre (DMCC). Among the items to be discussed at the AGM are industry recommendations for the Kimberley Process Certification Scheme (KPCS) review cycle and a proposed renewal of the WDC System of Warranties.
ALROSA President Sergey Ivanov and Executive Chairman of the Dubai Multi Commodities Centre (DMCC) Ahmed Bin Sulayem agreed upon enhancing cooperation in diamond trade, according to a press release from ALROSA distributed on Wednesday. At a working meeting in ALROSA’s headquarters in Moscow, Ivanov and Sulayem discussed options for expanding ALROSA’s trading activities at the Dubai Diamond Exchange, a trading platform within DMCC. The parties also agreed to step up fight against undeclared synthetic diamonds.
Last Friday, September 30, the second of three rough diamond valuation forums initiated by the current Kimberley Process (KP) Chair, Ahmed Bin Sulayem, was held in Antwerp.
"All eyes in the Indian diamond industry are set on the forthcoming meeting between the Kimberley Process Certification Scheme (KPCS) and Antwerp World Diamond Centre (AWDC) on rough diamond valuation in Antwerp on September 21", writes The Times of India. The aim of such forums is to develop a set of global standards for pricing rough diamonds, which KP chairman Ahmed Bin Sulayem believes would help artisanal miners figure out the value of their rough production and negotiate prices. "We want to make sure the whole industry benefits from this," Sulayem said.
Reports from multiple sources are starting to detail the murky structures hiding the tremendous wealth accumulated by certain players in the diamond and gold trade that emerged through last week's release of the Panama Papers.
UAE's Ministry of Economy (MoE), and the Dubai Multi-Commodities Centre (DMCC) have signed a Memorandum of Understanding (MoU) to support and enhance cooperation and coordination between the two sides concerning the supervision of imports, exports and transit of rough diamonds to and from the country, in line with the Kimberley Process Certification Scheme (KPCS) on the international trade of rough diamonds and in accordance with European Union Law. The MoU is part of joints efforts by the MoE and DMCC to ensure optimal implementation of the KPCS, under which official certificates are issue
Yesterday, the Civil Society Coalition announced at the KP Plenary meeting in Angola that it will boycott the KP next year in protest at the United Arab Emirates' (UAE) 2016 chairmanship due to, "widespread concerns over UAE's lenient standards and antagonistic relationship with the Coalition." Partnership Africa Canada 's (PAC) Director of Research, Alan Martin, said: "We have been calling on Dubai to change its harmful diamond trading practices.
The Dubai Multi Commodities Centre (DMCC) today presented the 'Burj2020 District' concept, a mixed-use urban center, a project in south Dubai that includes the Burj2020, the world's tallest commercial tower and 100,000m2 retail space that will serve the DMCC Freezone and surrounding areas.
Finance and liquidity was one of the most hotly debated issues at the Dubai Diamond Conference 2015. The Dubai Diamond Exchange is consequently planning to hold three seminars on diamond financing this year, underscoring the growing importance of the issue for the global diamond industry.