The “guarantees system” is an assurance that the source of diamonds is compatible with human and workers' rights

Bin Sulayem: Ensuring “legitimate trade” made Dubai one of the largest diamond trading centers in the world

  • Dubai applies the updated version of the "guarantee system" to 1,000 members of the Diamond Exchange.

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  • Ahmed bin Sulayem: “Maintaining the highest standards in every diamond tender on the (Dubai Stock Exchange).”

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The Dubai Multi Commodities Center, the free zone and authority of the Government of Dubai concerned with trade in goods and projects, announced that the first CEO and CEO of the center, Ahmed bin Sulayem, and the special advisor for precious stones at the center, Dr. Martin Lake, have been appointed ambassadors for the updated version of the “System of Guarantees” initiative. From the World Diamond Council following its launch on September 21.

Bin Sulayem stressed that ensuring and leading the legitimate trade in diamonds through Dubai is one of the center's main priorities, pointing out that this philosophy is one of the main reasons why Dubai is now one of the largest diamond trading centers in the world.

"Guarantee System"

The center said in a statement yesterday that the "guarantee system" initiative is applied every time rough or polished diamonds are moved from one side to another, whether they are single or encrusted in jewelry.

The system assures buyers that the source of diamonds complies with the Kimberley Process certification system and globally accepted principles on human rights, labor rights, anti-corruption and anti-money laundering.

In their capacity as ambassadors for the initiative, the representatives of the DMCC will be responsible for educating current and future members of the Dubai Diamond Exchange about the "guarantees system" initiative, in addition to clarifying the new amendments to the system and how to implement them.

The DDE will conduct a series of online awareness sessions and campaigns for its membership base, which currently exceeds 1,000 members.

Dubai..a center for diamonds

Ahmed Bin Sulayem, CEO and CEO of DMCC and Chairman of the Board of Directors of the Dubai Diamond Exchange, said: “Ensuring and leading the legitimate trade in diamonds through Dubai is one of our primary priorities at DMCC, and this philosophy is one of the main reasons why Dubai is now One of the largest diamond trading centers in the world.

He added: “Having become the headquarters of the (Kimberley Process) operations in the UAE, as well as maintaining the highest standards in every diamond tender at the DDE, we are fully committed to this important initiative, which includes requiring all DDE members to complete the evaluation. annual self-determination, to demonstrate their commitment to the guarantee system of the World Diamond Council.

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