DMCC invites tenders from diamond merchants

Dubai, February 14, 2006: More than 100 ­Dubai-based diamond merchants attended a Valentine's Day presentation by the Dubai Metals and Commodities Centre (DMCC) on the 'Dubai Cut' diamond, in the run up to bid for a licence to sell the uniquely cut stone. The DMCC will award a three-year licence to sell the Dubai Cut diamond to one member, who not only offers the best bid for the jewel, but also meets the stringent criteria laid down by the conditions of the tender.

The DMCC's presentation to the diamond traders was held on Valentine's Day, in an effort to highlight the exclusivity and matchless value of the Dubai Cut as a special gift.

The Dubai Cut diamond, which was launched in December 2005 is produced by Russia's leading diamond manufacturer Kristall, exclusively for the DMCC. The 99 facets of the uniquely cut stone are inspired by the 99 holy names of Allah.

"The Dubai Cut diamond is an exclusive jewel both in terms of its distinctive cut, matchless quality, and significant value and hence will soon become a coveted possession," said Dr. David Rutledge, Chief Executive Officer, DMCC. "We aim to ensure that the diamond meets and maintains the highest standards of excellence both in its production and in the manner in which it will be bought and sold in the market," he added.

"The total annual production of the Dubai Cut diamond will be between 1500 stones. This will ensure that the Dubai Cut remains a desirable and precious brand far into the future because of the scarcity value for the cut," said Mr. Ahmed Bin Sulayem, Chief Operating Officer, DMCC.

Diamond traders wishing to apply for the tender must be registered DMCC members who are in good financial standing with DMCC and must have at least one retail jewellery store in full operation in the UAE.

The licence to sell these exquisite stones will be limited to one qualifying DMCC member company who will be required to meet stringent criteria. The minimum bid has been set at US$30,000 per annum for a fixed three-year period.  License fees are payable in advance upon acceptance.

The application must be completed by hand and signed by the authorized signatory of the DMCC member company. The bids will be reviewed by a senior committee of DMCC and Kristall representatives and terms for the price and supply of the Dubai Cut will be negotiated between Kristall and the winning applicant directly.

"We are overwhelmed by the enthusiastic response from the diamond industry to participate in this tender. The prestige of selling this remarkable jewel will be accorded to the DMCC member who best meets the conditions laid down for participating in the tender," said Mr. Ahmed Bin Sulayem, Chief Operating Officer, DMCC.

The DMCC unveiled the '99 faceted DUBAI CUT, an exceptional new cut of diamond inspired by the 99 holy names of Allah, late last year. The unique patented cut of diamond is produced solely by Kristall Corporation, the largest Russian polished diamond manufacturer exclusively for DMCC under a legal patent.

-Ends- 

Notes to the Editors
DIAMONDS & COLOURED STONES -at the DMCC
The Dubai Metals & Commodities Centre, a strategic government initiative, rated 'A' by Standard & Poor's, is establishing Dubai as a diamond trading and value-adding centre of global significance alongside leading international diamond centres including Antwerp, New York and Mumbai. The DMCC launched the '99 faceted DUBAI CUT, an exceptional new cut of diamond in 2005 and the very first Dubai Cut diamond was unveiled to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Under a free zone status, DMCC will accommodate every facet of the business - manufacturing, trade, education, certification and technology.  Streamlining the trade with global standards and protecting the legitimate diamond industry DMCC has been instrumental in implementing the Kimberley Process Certification Scheme (KPCS) in the United Arab Emirates. Through the creation of market-specific infrastructure, such as the Dubai Diamond Exchange, DMCC's industry initiatives provide a major impetus to the diamond industry in the region.  DMCC has recently launched its Dubai Gem Certification (DGC), in which it entered partnership agreements with leading institutions from across the world to offer first class diamonds, gemstones, pearls and jewellery certificates.

For further information, please contact:
Tim Harrison / Sudha Chandran
ASDA'A Public Relations
Exclusive Affiliate of Edelman,
Middle East & North Africa
Dubai,
UAE
Tel: 971-4-3355969,
Fax: 971-4-3356080
Email: t.harrison@asdaa.com / s.chandran@asdaa.com

© Press Release 2006