The Dubai Metals and Commodities Centre (DMCC) has officially launched the Arab world's first bourse for the diamond industry - the Dubai Diamond Exchange (DDE).
This is the first and only diamond bourse in the geographical area stretching from India to Morocco, excluding Israel.
Unveiling its new identity and logo, Tawfique Abdullah, chief executive of DMCC, said the bourse will be ready to receive applications from diamond trading houses in the region from mid-April.
"We have almost everything in place to begin the bourse. Diamond traders will be able to apply for registration with the DDE from mid-April. We are applying for the membership of the World Federation of Diamond Bourses (WFDB), which we hope they will approve at their meeting in October.
"We are also finalising the formation of the nine-member board in the next few days that will manage the exchange and conduct the arbitration process to resolve disputes," he said.
Citing the reasons behind this move, Abdullah said Dubai is the world's fastest growing diamond market in the world. "The DDE will give the Arab diamond players a say and a position in the global diamond trade.
"The launch of the DDE takes us a step closer towards our goal to establish Dubai as an emerging diamond centre of excellence. We are proud to unveil the DDE's identity as the diamond trade is the fastest growth sector for the DMCC.
"Dubai's share of the global market continues to grow, and the World Diamond Council meetings, due to commence in Dubai today, coupled with the launch of the DDE, is set to provide a major impetus to the diamond trade. With our industry-specific initiatives, Dubai will undoubtedly attract more business for the diamond industry."
Once up and running, the bourse will be the only centre in the Middle East and North Africa for diamond exchange. The WFDB has 24 members.
Eli Izhakoff, chairman and chief executive of the World Diamond Council (WDC), said: "I have no doubt that the DDE will become a significant player in the regional as well as global diamond trade.
Gulf News
