DDE sets up ME’s first diamond boiling unit
Dubai, July 8, 2009
Dubai Diamond Exchange (DDE) said that the first diamond boiling facility in the Middle East has been set up at the Almas Tower in Dubai in a move to address the growing needs of its member base.
Boiling is a process used to remove dirt and trace materials from rough and polished diamonds, allowing diamonds to reach their highest potential value. Ever since diamonds have been mined on a large scale, boiling companies have existed to assist the rough diamond trade, said a senior official.
Ahmed Bin Sulayem, executive chairman, DMCC, said: “We envisioned the Almas Tower as the premier hub for diamonds in the Middle East providing value-added services that support the precious gems trade.'
'We are happy to offer this new service to our members and create a physical hub for diamond trade in Dubai. We are confident that the new facility will further strengthen the diamond trade in Dubai.'
With the arrival of DBF, all diamond industry related services have now moved into the Almas Tower, effectively creating a new diamond trading centre in the region.
The Almas Tower already hosts The Brinks Company, Antwerp Diamond Bank, Kimberley Process Certification Scheme and Dubai Customs, providing necessary support services and ensuring maximum convenience for members in carrying out physical trade and other transactions, he noted.
Peter Meeus, chairman of the Board of Directors of DDE and the of CEO of International Diamond Laboratories DMCC, said: 'In the past few years, DMCC and DDE’s efforts in creating Dubai as a hub for diamond trade has met with great success.'
Market-specific infrastructure in Dubai has significantly facilitated diamond trade through the emirate. The Boiling Facility brings a service to the diamond industry which was required for a very long time. As the rough trade is picking up again, the momentum is there.
“Working with the Diamond Boiling Facility DMCC, is a group of specialists who have rich experience gained over 30 years of working with some of the biggest rough diamond trading companies. We are confident that the facility will prove valuable to DMCC members and Dubai at large,” he added-TradeArabia News Service