DMCC, one of the world’s most interconnected free zones and Government of Dubai Authority on commodities trade and enterprise, has announced the launch of its latest discount campaign to encourage international diamond companies to set up operations in Dubai. 

 

Effective immediately and valid until September 30, DMCC has reduced its business set-up fees by 50 per cent for all diamond-connected companies.

 

In addition, DMCC announced that new company registrations will be offered a free 12-month membership of Dubai Diamond Exchange (DDE), a community of over 1,000 leading diamond companies in Dubai. 

 

To mark the campaign launch, DMCC lit up Burj Khalifa - the world’s tallest building with a breath-taking visual display in celebration of Dubai’s remarkable diamond story.

 

Dubai is fast becoming the world’s leading diamond trading hub both in terms of value and volume after two decades of rapid growth. 

 

In 2003, the total value of rough and polished diamonds traded in the emirate was AED 13.2 billion ($3.6 billion), a figure that rose significantly in 2018 to AED 91.8 billion ($25 billion). 

 

DMCC has also revealed its plan to help Dubai become a leading international trade hub for Laboratory Grown Diamonds (LGD) and coloured stones.

 

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade - UAE Ministry of Economy, said: "The trade of precious metals and stones is a critical pillar of the nation’s economic diversification agenda. The economy ministry is focused on catalysing a new phase of economic growth and development in the country, and supporting the trade connected to diamonds is a priority."

 

"Any initiative that connects the UAE with partners around the world and showcases the exciting business opportunities that exists here is one to be supported. DMCC should be commended for their work in this space and ambitious vision for commodities," he stated.

 

DMCC Executive Chairman and CEO Ahmed Bin Sulayem said: "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."

 

"Adaptability is the cornerstone of the emirate’s approach to business, and with this display on the iconic Burj Khalifa we hope to not only showcase our connection to diamonds but offer a sense of optimism, direction and leadership to the entire precious stones industry," stated Bin Sulaem.

 

“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,” he added.

 

Since its inception in 2002, DMCC has created the ecosystem, state-of-the-art infrastructure, facilities and services required to attract, facilitate and promote diamond trade in Dubai. 

 

The growth of the Dubai Diamond Exchange – the world’s largest diamond tender facility – alongside the success of knowledge-sharing platforms such as the flagship Dubai Diamond Conference, have placed Dubai at the heart of the region’s diamond industry.-TradeArabia News Service