The Dubai Multi Commodities Center announced yesterday that LUMEX has joined the factory business of diamond factories in its free zone. The Center stated, in a statement, its keenness to attract trade flows, support them with an appropriate environment and stimulate them from Dubai, thus enhancing the emirate’s position as a global center for trade in natural diamonds and manufactured diamonds in factories. The Center stated that in the year 2003, i.e., just one year after the launch of "Dubai Multi Commodities", the total annual trade value of rough diamonds and natural diamonds reached 13.2 billion dirhams ($ 3.6 billion), bringing their value in 2018 to 91.8 billion dirhams (25). Billion dollars), to become the emirate thus among the top three global centers for the trade in natural diamonds globally.
The first CEO and CEO of the Dubai Multi Commodities Center, Ahmed Bin Sulayem, said that since its establishment in 2002, the center has attracted, supported and promoted the diamond trade in and across Dubai, stressing that Dubai quickly became a global center for diamond trading.
He added that the center will continue to support this sector during this difficult period. He said: «There is cause for optimism when we look to the future, as Dubai has always been an attractive destination for pioneers, as it attracts those who are stimulated by new discoveries, and strive to exceed the limits of the possible, and (Lumix) is a good example of this, as well as the diamond sector manufactured in the factories. Bin Sulayem welcomed Lumex CEO, Vishal Mehta and his team at the center. “We are looking forward to seeing their project grow here in Dubai,” he said.
The company «Lumix»
For his part, said the co-founder and CEO of Lumex, Vishal Mehta: “We are proud to have joined the DMCC business community, especially as it has a track record of accomplishments and successes from its pivotal role in promoting the pillars of the natural diamond trade in the Emirate of Dubai.” .
He added, "We look forward to moving forward with the growth of our operations in the factory diamond industry across the Middle East and beyond, with the support of the Center."
Dubai Diamond Exchange
In 2004, DMCC launched the Dubai Diamond Exchange, which includes 1,000 companies across the diamond supply chain.
In light of the transformations that have taken place in the scene of traditional trade, the center is working to attract the most prominent companies operating in the diamond factory in the factories to Dubai, where during May 2019, it hosted the world's first tender for rough diamonds manufactured in the factories; Through the Dubai Diamond Exchange, 50 thousand carats of manufactured diamonds were displayed in the factories.
The Center is committed to driving the growth of the diamond sector manufactured in factories in Dubai, in strict compliance with established standards of disclosure, disclosure and discrimination. This requires not mixing natural diamonds with factory-made diamonds, with full disclosure of factory-made diamond products, and commitment to the correct use of the currently used identification terms available in Arabic.