Diamond exchange expands portfolio
Dubai:, December 11, 2007
Dubai Diamond Exchange (DDE) has expanded its portfolio of services to include retailers from throughout the Middle East.
The subsidiary of Dubai Multi Commodities Centre (DMCC) has enhanced the scope of value-added services and benefits for its members, with a view to stimulate the development of a specialised service economy to the diamond trade, the exchange said in a statement.
DDE has broadened its platform to include memberships to retailers throughout the region. Through this service, DDE becomes a single market interface for all diamond traders, including wholesalers, retailers and ancillary services providers. DDE’s new brand identity, which was unveiled today at a trade launch, represents this enhanced scope of services. In time, it is expected to become a quality label for the diamond trade, and will be synonymous with excellence and value, it added.
“Today, the Middle East is the third largest market for diamond jewellery in the world. Together with China and India, this part of the world registers double digit growth numbers year after year. It is becoming clear that the future of the world trade is moving East. The new DDE will then serve as the premier market interface for companies that want to do business here,” said DMCC Executive Chairman and DDE Deputy Chairman Ahmed bin Sulayem.
The DDE has developed additional services to meet the needs of wholesalers and retailers in a rapidly evolving market. These services include the DDE Diamond Academy, which is intended to enhance industry knowledge and best practice across the diamond and jewellery value chain, through short-term technical and commercial training programmes.
DDE further introduced a Digital Diamond Exchange, providing access to specialised directories with detailed company profiles, market information and buying requests.
The initiative comes ahead of the completion of the Almas Tower, the purpose built infrastructure that will house more than 300 international diamond trade-related companies. This clustering will provide companies with easy access to other trade service providers and connect people across the industry.
“Through Almas Tower, for the first time in history, jewellery manufacturers and retailers from the Gulf have direct access to the international diamond market. Retailers do not need to travel overseas anymore for supplies. The same quality and quantity of diamonds are now available within the Middle East, offering supply in a much more cost and time efficient way,” said DDE Chief Executive Officer Youri Steverlynck. – TradeArabia News Service