DMCC plays vital role in diamonds, precious metals trade in Dubai

The minister toured Almas Tower and visited both the UAE Kimberley Process (KP) Office and Dubai Diamond Exchange (DDE) along with a senior team from the ministry. He further discussed the ongoing government support to the precious metals, diamond, and jewellery trade sector, according to a recent press release.

During 2018, the UAE ranked the first across the Arab world and the fifth globally in terms of value of exports and re-exports of precious metals. Globally, it came in the fifth place in terms of gold exports, the second for diamond re-exports, and the first in jewellery re-exports.

In this regard, Al Mansouri said, “The UAE is highly competitive in the gold, diamonds, and precious metals trade. In fact, this is one of the most important sectors supporting the UAE’s economic diversification efforts and the promotion of the country's non-oil foreign trade.”

DMCC plays a vital role in improving the Emirate’s capabilities and strengthening its position as a key regional precious metals trading hub. DMCC succeeded in creating “an unrivalled ecosystem” for the precious metals, diamond, and jewellery trade with the support of the Emirati economy ministry and other national bodies, the statement said.

Moreover, the executive chairman and CEO of DMCC, Ahmed Bin Sulayem, said, “Already this year we have witnessed a surge of interest from traders across the world wanting to do business in and through Dubai. Attracting this business to Dubai will significantly increase our contribution to the UAE’s non-oil GDP in 2020.”

It is worthy to mention that the 17,000 companies that are based in Jumeirah Lakes Towers (JLT) and registered by DMCC joinly contribute more than 10% to Dubai’s overall GDP.