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| 18 October, 2017

New facility to strengthen Dubai's role in global diamond industry

A staff member at a jewellery store places a diamond in the window display at Gold and Diamond Park, a shopping mall specialized in gold and diamond retailing, in Dubai November 15, 2011.

A staff member at a jewellery store places a diamond in the window display at Gold and Diamond Park, a shopping mall specialized in gold and diamond retailing, in Dubai November 15, 2011.

REUTERS/Jumana El Heloueh

Dubai's diamond trading industry and its contribution to the country's GDP is growing

The recent opening of the diamond polishing factory by Nemesis International in Dubai's Almas tower, which houses the Dubai Diamond Exchange (DDE), will strengthen the role that Dubai plays in the global trade for diamonds, experts have said.

Inaugurated during the third edition of the Dubai Diamond Conference, the opening of the polishing facility was a strategic decision made with the full support and backing of the Dubai Multi Commodities Centre (DMCC), the entity which Nemesis International operates within. The facility comes in light of Dubai having become the world's third largest diamond trading center valued at over $14 billion in 2016.

"Given the growing volume of Dubai's diamond trading industry and its contribution to the country's GDP, economic growth and stability, we are proud to inaugurate this state-of-the-art polishing and technology facility, which will contribute to Dubai's standing as a leading global diamond center on par with New York, Antwerp, and Mumbai," said Konema Mwenenge, CEO of Dubai-based, Nemesis International.

Mwenenge also noted that Nemesis International's ambition is to bring more to the diamond and jewellery industry, by working with some of the best mines around the world, and with its preferred partner - high-end jewellery brand de Grisogono. "Our shared vision is to align our best practices to create more value and provide transparency to the industry. The opening of this polishing factory in partnership with Sodiam, and with the active support of DMCC, is a major step towards a vertical integration from the mine to final consumer."

Ahmed bin Sulayem, executive chairman of the DMCC, noted that the new facility completes DMCC's ecosystem of services and infrastructure for the diamond industry at Almas Tower. "We now have the complete package, or one-stop shop. Dubai has become a major importer of rough diamonds which can now be cut and polished by master craftsmen. This joins the world-class facilities that the Almas Tower offers, including customs, insurance, banking, a Kimberley Process office, and international tenders of a wide range of rough diamonds."

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"Up until this point, there were no high tech polishing factories that could process high value diamonds in significant volumes with a quick turnaround. Having invested upwards of $2 million in cutting edge equipment, Almas Diamond Services expects to turn over approximately 150 carats of diamonds per month and up to 3,000 carats within the first two years, with six weeks being the average time to polish a stone, a first for Dubai and the Middle East region," estimated Filip Hendrickx, manager of Almas Diamond Services. "Almas Diamond Services can now offer its customers a full range of value added services, from rough diamond boiling and evaluation services to state-of-the-art cutting and polishing."

- rohma@khaleejtimes.com

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