DMCC's Jewellery & Gemplex opens doors to Jewellery & Gemplex to regional and international manufacturers in a move to boost Dubai's production base and infrastructure

Dubai, 6th March 2005 : Dubai's capacity for jewellery production is 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 international and regional jewellery manufacturers, the facility has been offered to members on a freehold basis and is gearing up to support Dubai's burgeoning jewellery industry and its international integration objectives. 

"Dubai is clearly the infrastructural and geographical hub for jewellery production and, with its focus on high-end manufacturing, DMCC initiatives and partnerships have helped foster and develop Dubai as a destination where international manufacturers can consolidate their operations", said Ahmed bin Sulayem, Chief Operations Officer, DMCC.

Current industry statistics show that approximately 45 tonnes of jewellery was manufactured in Dubai in 2003 using scrap gold and bullion bars, this figure is anticipated to increase to by 25% by 2008.  Dubai is also currently the highest per capita consumer of gold in the world and the world's second largest re-distributor of bullion; in 2004 it imported 503 tonnes and re-exported 260 tonnes.   With Dubai Gold & Jewellery Group (DGJG) data suggesting that 95% of Dubai's tourists purchase gold and jewellery, there appears to be a clear and real need for increased output supported by an established production base based in the Emirate.  

Designed with specific consideration of the needs of the industry, The Jewellery & Gemplex consists of three buildings of twelve floors each that will house workshops and staff accommodation.   As the first finished building was officially handed over to DMCC members today, over 60 manufacturers are aiming to be operational within the coming three months.  Members include gold and diamond jewellery manufacturers, diamond and colour stones polishers along with support services such as assaying facilities. Members represent a regional and international mix of countries including the UAE, Saudi, Turkish, Lebanese, Italian and Indian businesses.

Located close to DMCC's landmark commercial towers, the Almas and Au Towers are located in close proximity to DMCC's two operational refineries; the launch of the Jewellery & Gemplex completes the link for the industry value 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 expansion of the regional precious metals market by working with regional and international partners to promote the highest global standards in product and service development.

Encouraging greater transparency, to benefit all market participants, DMCC's planned market infrastructure, including free zone status, secure vault facilities, purpose-built refineries, workshops and assay facilities, will strengthen Dubai's position as the leading regional centre for gold and precious metals. 

-Ends-

Note for the editor
The Dubai Metals and Commodities Centre (DMCC) was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity market. It provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Residents are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 percent ownership, full ownership of business premises, and secure regulated environment.

For further information please contact:
Tarek Lasheen Bates Pan Gulf PR
Tel: 2953456
Mobile:0505245742
email: tarek@batespangulf.com

© Press Release 2005