DMCC cuts business set-up fees by 50% for diamond companies

Dubai – Mubasher: The Dubai Multi Commodities Centre (DMCC) announced slashing its business set-up fees for all diamond-connected companies by 50%.

The reduction is effective immediately and valid until 30 September, according to a recent statement.

In addition, new company registrations will also be offered a free 12-month membership of the Dubai Diamond Exchange (DDE), a diamond trading platform comprising more than 1,000 diamond companies in Dubai.

DMCC lit up the iconic Burj Khalifa, the world’s tallest building, with a visual display in celebration of the diamond story.

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, said, “By reducing the cost of setting up in DMCC by record levels, we hope to remove barriers to entry and supply the type of support required by business during challenging times. Dubai is the future of diamonds, and we invite the world to join us in writing the next chapters of its remarkable story with the special stone.”

Over two decades of fast growth, Dubai has become a leading diamond trading hub. In 2003, the total value of rough and polished diamonds traded in Dubai amounted to AED 13.2 billion before jumping to AED 91.8 billion in 2018.

“Right across the supply chain, the diamond industry is passing through a period of turbulence. For many, the change that will follow is seen as an unpredictable threat. But for Dubai, it is an opportunity,” Bin Sulayem added.