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DMCC LAUNCHES DUBAI GEMS CLUB |
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6/23/2006 10:41:06 AM |
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The Dubai Multi Commodities Centre (DMCC) has launched the Dubai Gems Club (DGC), an exclusive trading platform dedicated to gemstones, thus boosting Dubai’s rapidly growing industry in colored stones, diamonds and pearls.
The Dubai Gems Club will offer its members an exclusive platform to network and engage in dialogue with the objective of transacting business. Membership will initially be restricted to about 25 companies and priority will be given to registered members of the DMCC free zone.
“Effectively, this is the launch of a new bourse in Dubai. The Dubai Gems Club will offer members exclusivity alongside the facility of secure trading rooms, respecting the privacy of traders, in keeping with the international norms of the colored stones and diamonds trade. Accordingly, Dubai Gems Club will not disclose statistics or details of trade transactions conducted through the club, unless specially requested by the traders themselves,” explains Ahmed bin Sulayem, Chief Operating Officer of the DMCC.
The global market for these precious commodities is around US$85 billion, with annual growth of between five and ten percent. Dubai too has seen exponential growth in the diamonds and colored stones trade in 2005. The Emirate’s expertise and reputation in the field is founded on a long tradition of trading, and has been cemented more recently by the successful establishment of the Dubai Diamond Exchange and the Dubai Gold and Commodities Exchange two earlier DMCC initiatives.
“Dubai Gems Club has been established in response to requests from the local and international gems and jewelry market participants and is a clear example of a successful partnership between the public and the private sector to drive the growth of the industry further. The operational format of the club was decided in consultation with the Diamonds and Colored Stones Advisory committee at DMCC, underlining the Centre's role in enabling the industry's development,” continues bin Sulayem.
“The Dubai Gems Club is expected to focus on all industry issues related to colored stones, pearls and jewelry with the objective of raising the profile of the colored stones sector in Dubai and bring it on par with the gold and diamond trade. In keeping with Dubai’s growing role as the hub of jewelry trade, we also plan to develop a database of trade statistics for gems and colored stone jewelry,” adds Tawfic Farah, Executive Director Diamonds and Colored Stones.
Housed in the premises of the Dubai Gem Certification unit, Dubai Gems Club also offers members easy access to the world’s first ISO certified gem certification service for diamonds, gemstones, pearls and jewelry items from globally recognized certification bodies. |
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