ABU DHABI, 7 Mar, 05 (WAM) - Dubai's capacity for jewellery productionis set to rise by over a quarter in the next three years and, from today,manufacturers will have a new home at Dubai Metals & Commodities Centre(DMCC) purpose-built premises - The Jewellery & Gemplex. Open to internationaland regional jewellery manufacturers, the facility has been offered tomembers on a freehold basis and is gearing up to support Dubai's burgeoningjewellery industry and its international integration objectives.
"Dubai is clearly the infrastructural and geographical hub for jewelleryproduction and, with its focus on high-end manufacturing, DMCC initiativesand partnerships have helped foster and develop Dubai as a destinationwhere international manufacturers can consolidate their operations",said Ahmed bin Sulayem, Chief Operations Officer, DMCC.
Current industry statistics show that approximately 45 tonnes of jewellerywas manufactured in Dubai in 2003 using scrap gold and bullion bars,this figure is anticipated to increase to by 25% by 2008. Dubai is alsocurrently the highest per capita consumer of gold in the world and theworld's second largest re-distributor of bullion, in 2004 it imported503 tonnes and re-exported 260 tonnes. With Dubai Gold & JewelleryGroup (DGJG) data suggesting that 95% of Dubai's tourists purchase goldand jewellery, there appears to be a clear and real need for increasedoutput supported by an established production base based in the Emirate.
Designed with specific consideration of the needs of the industry, TheJewellery & Gemplex consists of three buildings of twelve floors eachthat will house workshops and staff accommodation. As the first finishedbuilding was officially handed over to DMCC members today, over 60 manufacturersare aiming to be operational within the coming three months. Membersinclude gold and diamond jewellery manufacturers, diamond and colourstones polishers along with support services such as assaying facilities.
Members represent a regional and international mix of countries includingthe UAE, Saudi, Turkish, Lebanese, Italian and Indian businesses.Located close to DMCC's landmark commercial towers, the Almas and AuTowers are located in close proximity to DMCC's two operational refineries,the launch of the Jewellery & Gemplex completes the link for the industryvalue chain, claims DMCC.
The Dubai Metals and Commodities Centre, a strategic government initiative,integrates the refining, manufacturing and trading of gold in Dubai,as well as introducing the trading of other precious metals such as platinum,palladium and silver. DMCC is facilitating the development and expansionof the regional precious metals market by working with regional and internationalpartners to promote the highest global standards in product and servicedevelopment.
Encouraging greater transparency, to benefit all market participants,DMCC's planned market infrastructure, including free zone status, securevault facilities, purpose-built refineries, workshops and assay facilities,will strengthen Dubai's position as the leading regional centre for goldand precious metals.
