Learn about the reasons why Dubai is one of the largest diamond trading centers in the world
DMCC, 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” after its launch on September 21.
The center said in a statement 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, 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 Dubai Diamond Exchange will conduct a series of online awareness sessions and campaigns for its growing member base, which currently exceeds 1,000 members.
The statement indicated that the Board of Directors of the Dubai Diamond Exchange, during its meeting in September, approved the inclusion of the new "guarantee system" within the regulations of the stock exchange's statute with immediate effect.
Dubai..a center for diamonds
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 driving the legitimate trade of diamonds through Dubai is one of our primary priorities at DMCC, and this philosophy is one of the main reasons why Dubai 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-report, to demonstrate their commitment to the guarantee system of the World Diamond Council.
Today, I am proud to say that thanks to the initiatives taken, especially during the last decade, diamonds are among the best controlled commodities in the world, from which other sectors can learn a lot.”
In turn, the President of the World Diamond Council, Edward Ascher, said that the diamond centers are making every effort to ensure that the diamonds traded in and through them have been purchased from legitimate sources, and in accordance with the principles and resolutions of the United Nations, and the national laws in force in the countries to which these centers belong.
He stressed that this is what the UAE in general, and Dubai in particular, is doing, pointing out that thanks to the policies in place in the country, it was logical that Ahmed bin Sulayem and Dr. Martin Lake were chosen to be ambassadors to raise awareness of the guiding rules of the safeguards system, in A time when the World Council team is excitedly looking forward to working with them in the future.
Since 2003, when the UAE became a member of the "Kimberley Process" initiative, DMCC has enabled the diamond supply chain to function effectively, in a transparent and secure environment.
As the only Arab member of the Kimberley Process, the UAE is committed to simplifying the diamond trade process in accordance with international standards, with full care to protect the legitimacy of the entire diamond industry.
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