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Middle East's first diamond boiling facility establishes operations in Dubai.

Summary: In a move to address the growing needs of its member base, Dubai Diamond Exchange (DDE) announced today that Diamond Boiling Facility DMCC (DBF) has set up a state-of-the-art boiling facility in the Almas Tower.

Boiling is a process used to remove dirt and trace materials from rough and polished diamonds, allowing diamonds to reach their highest potential value. Ever since diamonds have been mined on a large scale, boiling companies have existed to assist the rough diamond trade.

In a move to address the growing needs of its member base, Dubai Diamond Exchange (DDE) announced today that Diamond Boiling Facility DMCC (DBF) has set up a state-of-the-art boiling facility in the Almas Tower.

Boiling is a process used to remove dirt and trace materials from rough and polished diamonds, allowing diamonds to reach their highest potential value. Ever since diamonds have been mined on a large scale, boiling companies have existed to assist the rough diamond trade.

Ahmed Bin Sulayem, Executive Chairman, DMCC, said: "We envisioned the Almas Tower as the premier hub for diamonds in the Middle East providing value-added services that support the precious gems trade. We are happy to offer this new service to our members and create a physical hub for diamond trade in Dubai. We are confident that the new facility will further strengthen the diamond trade in Dubai."

With the arrival of DBF, all diamond industry related services have now moved into the Almas Tower, effectively creating a new diamond trading centre in the region. The Almas Tower already hosts The Brinks Company, Antwerp Diamond Bank, Kimberley Process Certification Scheme and Dubai Customs, providing necessary support services and ensuring maximum convenience for members in carrying out physical trade and other transactions.

Peter Meeus, Chairman of the Board of Directors of Dubai Diamond Exchange and the of CEO of International Diamond Laboratories DMCC, said: "In the past few years, DMCC and DDE's efforts in creating Dubai as a hub for diamond trade has met with great success. Market-specific infrastructure in Dubai has significantly facilitated diamond trade through the emirate. The Boiling Facility brings a service to the diamond industry which was required for a very long time. As the rough trade is picking up again, the momentum is there.

"Working with the Diamond Boiling Facility DMCC, is a group of specialists who have rich experience gained over 30 years of working with some of the biggest rough diamond trading companies. We are confident that the facility will prove valuable to DMCC members and Dubai at large."

About DMCC Precious Gems Division:The Precious Gems division at Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Dubai Government, consolidates and drives the long term development of the Pearls, Diamonds and Coloured Stones sectors. The strategic activities of this dedicated division assert Dubai's position as a leading hub for precious gems and jewellery, whilst effectively promoting these industries. Its membership-based trading platforms, namely the Dubai Diamond Exchange (DDE) and the Dubai Pearl Exchange (DPE) provide industry specific services to promote global trade. DMCC has established a robust infrastructure, including free zone status, secure vaults and purpose-built facilities, that brings together a wide range of commodities activities. Committed to serving the needs of participants in the precious gems markets, the portfolio of the Precious Gems Division includes initiatives such as the Pearls of Arabia and Dubai Cut Diamond and Pearl Essence.

Dubai Diamond ExchangeThe Dubai Diamond Exchange (DDE) is a subsidiary of the Precious Gems Division at Dubai Multi Commodities Centre, an initiative of the Government of Dubai to set up a commodities market place in Dubai. A member of the World Federation of Diamond Bourses, DDE enables members access to international member exchanges. Its members represent global players from New York, Antwerp, South Africa, Mumbai, the UAE and other international diamond centres. DDE capitalises on the rapidly growing trade flow of diamonds through the region, promoting regional trade and global accessibility for local, regional and international diamond marketing participants, strictly adhering to the Kimberley Process Certification Scheme.Visit www.dde.ae

2009 Al Bawaba (www.albawaba.com)

2009 Al Bawaba (Albawaba.com)

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Publication:Albawaba.com
Date:Jul 9, 2009
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