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Catalogs | Business 2008-06-03 09:32:40
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    ?TheSource News from The Dubai Multi Commodities Centre October ? December 2007 Issue # 15

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    02 Introduction... The Source | October ? December 2007 MESSAGE FROM THE EDITOR TABLE OF CONTENTS Bustling activity at DMCC The phrase ?Time Flies' took on a new meaning at DMCC when the last quarter of the year literally whizzed past in a burst of commodities-related activity. True to tradition, the Gold, Diamonds and Coloured Stones divisions have been the most active, reaching out to the trade with a view to facilitating growth. Gold in particular has expanded its product portfolio to take on a more financial tone, and we foresee exciting times ahead. The Diamond division consolidated Dubai Diamond Exchange's position as market leader, by re-launching the exchange with a whole new value proposition, in addition to extending its reach to facilitate financing and certification. Coloured Stones and Pearls, the baby of the DMCC family, has been actively reaching out to build partnerships across the global industry, while at the same time taking concrete steps to bring the trade back home to Dubai. On the Energy front, the Centre is concentrating significantly on developing infrastructure projects, for which there is a crying need in the market. At the same time, we are also exploring CDM compliant initiatives that are in line with the Kyoto Protocol. The Steel and Base Metals division has successfully developed and launched the world's first Steel Rebar futures contract for trade on the DGCX, and is now looking to build further on its success. Tea may have been relatively silent of late in the public domain, but work on the new DTTC facility has already hit the ground breaking mode. In addition, we are eagerly looking forward to the 2nd Global Dubai Tea Forum in February 2008, where we aim to build on the success achieved during the last event. Our corporate brand also received a significant boost, when DMCC and DGCX jointly led Dubai's high profile participation at the 28th annual Burgenstock meetings of the Swiss Futures and Options Association in Montreux, Switzerland. On the property front, we are close to the completion of our flagship Almas tower, and look forward to handing over the keys to tenants. DMCC's most meaningful growth has probably been in the area of commodity finance, where the DMCC recently extended the geographical reach of its customised electronic warehouse receipt to international locations, under the banner Global Multi-Commodities Receipt (GMR). This launch has been extremely timely, ahead of plans to launch the first ever Middle East plastic futures contracts. Exciting new initiatives and projects have definitely dominated our work days over the past months, and before we know it, the time has come to bid goodbye to 2007. I hope you enjoy reading the last edition of The Source for this year, and I look forward to your continued support and constructive feedback to improve it further in the New Year. Sudha Chandran, Editor ? The Source Corporate Communications Manager - DMCC 03 DMCC News Celebrating the Holy month of Ramadan Executive Appointment SFOA hails Dubai's emergence as modern economic powerhouse DMCC member company profile: Tanzanite One 08 Gold & Precious Metals ?Visions of Dubai? receives official patronage from Sheikh Mohammed DMCC to focus on development of commodities asset-based investment vehicles Dubai gold trade increases 55 per cent in third quarter of 2007 Management changes 10 Diamonds Dubai Diamond Exchange offers new value proposition Dubai rough diamond trade exceeds US$1 billion in third quarter 2007 Transguard signs MOU with Dubai Diamond Exchange International Diamond Laboratories opens doors for business DMCC fosters growth of diamond banking in Dubai Dubai's Diamond industry leaders tour Saudi Arabia 12 Coloured Stones & Pearls DMCC and International Coloured Gemstone Association to launch ICA GemBureau Middle East World Jewellery Confederation (CIBJO) Congress 2008 Chinese delegation visits DMCC Hong Kong Jewellery show - networking cocktail event Dubai and Hong Kong/China join hands to boost coloured stones trade 14 Commodities Dubai Commodity Receipt (DCR) acquires global reach as ?Global Multi-Commodities Receipt? Dubai Commodity Receipt (DCR) facilitates AED49 million financing of steel by National Bank of Fujairah Participation at steel conferences Plastics futures contract to be launched in 2008 Supporting the growth of petrochemicals and plastics 16 Energy DMCC oil storage terminal to promote energy trade DMCC to promote anaerobic digestion projects Energy economist Guy Caruso presents ?Energy Outlook 2030' 17 DTTC News Ground breaking ceremony World of Tea Great Indian Tea Party On track for 2nd Global Tea Forum 2008 18 DGCX News Ahmed Bin Sulayem is new DGCX Chairman DGCX signs on new clearing banks Building relationships New CEO at DGCX New DGCX website provides real-time market data 19 Property Almas tower nears completion Contingency preparedness first priority at DMCCA DMCCA unveils master plan for Business Park

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    Celebrating the Holy month of Ramadan Above: Ahmed bin Sulayem and Dr. David Rutledge Right: Demet Erku Left: DMCC iftar Above: DMCC hosted a delegation of high profile business executives from Malaysia DMCC held its annual Iftar gathering on October 4th, 2007 ? an evening that turned out to be relaxed, memorable and extremely enjoyable. It was indeed a great opportunity for the members of the DMCC family (staff and their spouses) to get to know each other better, as we celebrated the Holy month of Ramadan. During the evening, DMCC also pledged its support for ?Dubai Cares,? a global corporate social responsibility initiative by HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Everyone contributed generously to the initiative, and the DMCC management matched the staff contributions. DMCC News The Source | October ? December 2007 03 APPOINTMENT SEBASTIAN COUTURIER, FINANCE DIRECTOR, DMCC Sebastian Couturier, the Finance Director, at Dubai Multi Commodities Centre (DMCC), a Dubai Government initiative, brings along with him a wealth of international experience in the areas of finance and accounting. In his new role at DMCC, his main areas of focus will be to drive sound financial analysis, particularly with reference to the various investment opportunities presented to DMCC. He will also oversee the finance and accounting functions, and ensure that internal financial and business controls are in place at DMCC. Prior to joining DMCC, Sebastian has held the position of Regional Finance Director at MasterCard, overseeing its operations in the Middle East, Levant, South Asia and Africa. He has also held senior positions at international organisations like Arthur Andersen and United Pan Europe Communications. A Dutch national, Sebastian holds a Masters in Business Economics from Erasmus University in Rotterdam and is a member of the Royal Dutch Institute of Chartered Accountants. Married with a young daughter, Sebastian loves traveling and has been living abroad since 2003.

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    04 Below: Farid Mohammed Ahmed with Steve Wang of Taiwan Futures Exchange Below: Christina Siltani from DGCX with key Dubai journalists DMCC News The Source | October ? December 2007 SFOA HAILS DUBAI'S EMERGENCE AS MODERN ECONOMIC POWERHOUSE The Swiss Futures and Options Association (SFOA), one of the most important forums of the international financial derivatives industry worldwide, hailed Dubai's emergence as a modern economic powerhouse during the opening ceremony of its 28th annual Burgnstock meeting, held in Montreux, Switzerland. Dubai was the ?Guest of Honour? at this year's meeting of the SFOA, a professional non-profit Swiss association for the purpose of promoting the derivative financial instruments industry. Dubai's participation at the event was jointly led by the Dubai Multi Commodities Centre (DMCC) and Dubai Gold and Commodities Exchange (DGCX) and included senior representatives from the Emirates Securities and Commodities Authority (ESCA) and HSBC. Farid Mohammed Ahmed, Secretary General to the Board of Directors, Dubai World Group of Companies, delivered the keynote address at the opening session of the SFOA meet. Paul Meier, Chairman, SFOA, said: ?Dubai's emergence and growing significance on the Middle Eastern and global economic scene is of great consequence for the financial derivatives industry. The financial services industry in the emirate effectively fills the gap between the time zones of the East and the West, enabling all stakeholders to link seamlessly into financial markets across all time zones.? The DMCC and DGCX hosted an ?Arabian Nights? extravaganza and gala dinner on the theme ?Expressions of Dubai,? providing a cultural and Above: Colin Griffith, David Rutledge and Ahmed Bin Sulayem gastronomic experience for the delegates. The complete Arabian experience that followed included a taste of Arab culture and traditions, and detailed Dubai's journey from pre-oil days to a modern metropolis. Traditional aspects of Dubai's culture that were showcased included a calligrapher, henna artist, falconers, a typical Arab style dinner, the sheesha experience, majlis-style seating and Arabic coffee and dates. The SFOA has organised this exclusive executive gathering every year since its establishment in 1980. The SFOA membership is composed of industry associations, derivative exchanges and clearing houses from all over the world, along with brokers, bankers and other service providers.

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    Left: Farid Mohammed Ahmed Sec General, Dubai World delivering the keynote address Below left: Megha Ohri, Paul Meier- SFOA, Ahmed bin Sulayem and Sudha Chandran Right: Dubai Delegation at the official opening of the SFOA meet in Montreux Below right: Relaxing with shisha Right: Mr and Mrs Bradley G Griffith, CBOE with the falcon trainer Left: Expressions of Dubai Below: Ahmed bin Sulayem and Gaiti Rabbani DMCC News The Source | October ? December 2007 05

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    06 DMCC News The Source | October ? December 2007 DMCC MEMBER COMPANY PROFILE TANZANITEONE INTERVIEW WITH IAN HAREBOTTLE, CHIEF EXECUTIVE OFFICER Tanzanite is probably one of the youngest gems in the world. Could you tell us more about the gemstone itself and how it has acquired the name? Tanzanite, the rare and precious blue-violet gemstone, is only found at the foothills of Mount Kilimanjaro in Tanzania, East Africa. Although tanzanite was formed over 585 million years ago, it was only discovered in 1967. Local Maasai communities say that tanzanite was created when the land was set ablaze by a bolt of lightning, and the heat from the magic ?fire from the sky' transformed crystals on the ground into shimmering blue-violet gems. The actual discovery of tanzanite remains something of a mystery. The most widely accredited narrative suggests that in July 1967, Ali Juuyawatu, a local Maasai tribesman, found a piece of translucent blue-violet crystal near Mount Kilimanjaro. He shared his find with Manuel D'Souza, a tailor by profession and prospector by passion, who believed he had found a vibrant sapphire. Gemmological tests however revealed that the composition of the crystal was more complex, and its colour more intriguing, alluring, and exotic than any other gemstone. Word about the remarkable discovery in Tanzania soon reached celebrated New York jewelers, Tiffany & Co., gemmological pioneers since the 19th century. Henry B Platt, great grandson of Louis Comfort Tiffany, and later president and chairman, named it ?tanzanite' after its country of origin. Tanzanite was first launched at Tiffany's in October 1968. What special features does tanzanite have as compared to other gemstones? And what are the factors that impact its production? A precious gemstone variety of the mineral zoisite, tanzanite is at least 1000 times rarer than diamonds. While zoisite itself occurs widely, the random presence of vanadium in the same vicinity under exacting geological conditions more than 585 million years ago, created the ideal environment for tanzanite's conception. The world's only known source of tanzanite is a 6km strip of land beneath the sweeping grasslands at the foothills of Mount Kilimanjaro in northern Tanzania, East Africa. Spawned during the Pan-African Event, when massive geological activity ripped Africa from India and set Asia adrift from North America, tanzanite's geology is so unique that it has been described as a ?geological phenomenon', and experts maintain that the chance of tanzanite occurring elsewhere in the world is ?one in a million'. This geology is rendered even more phenomenal because the source is limited to a single generation. Those fortunate enough to already own tanzanite and those who acquire it in the next decade or so will be the only first-time owners. Thereafter, tanzanite will become a precious heirloom. Tanzanite's colour, poised intriguingly between blue and violet, is unlike that of any other gemstone, giving it a strong, recognizable identity. Rough tanzanite is trichroic, meaning that in its rough form it radiates three different colours from each of its crystallographic axes, namely blue, violet and burgundy. Once cut and polished, the stone becomes a kaleidoscope of royal blue, violet, indigo, lilac and periwinkle shades. As tanzanite mining is unprecedented, extensive research was necessary in order to best understand how it could be most efficiently mined. What is tanzanite used for other than jewellery manufacture? Tanzanite is a beautiful gemstone meant only for adornment. Given that Tanzanite is currently found only in Tanzania, are there many companies involved in its mining and production? The TanzaniteOne Group owns the mining license for a significant portion of the world's only known tanzanite producing resource, as well as extensive prospecting licenses over potential tanzaniteproducing areas adjacent to its license area. The strip of land containing tanzanite is split up into four blocks - A,B,C and D ? TanzaniteOne owns all of block C. There are many small scale miners on both our northern and southern borders. What are the major activities of TanzaniteOne? Whilst the mining of tanzanite is of prime importance to the TanzaniteOne Group, rough tanzanite is also purchased from small-scale miners and dealers through TanzaniteOne Trading Limited. Rough tanzanite is exported to TanzaniteOne Marketing which is the Group's sales arm for rough tanzanite. TanzaniteOne supports the downstream marketing and promotion of tanzanite through the Tanzanite Foundation. TanzaniteOne is a mining member of the Tanzanite Foundation. What is the Tanzanite Foundation? A non-profit industry-supported organization dedicated to safeguarding and promoting tanzanite, the Tanzanite Foundation was established in 2002 to stimulate growth and development of the tanzanite industry, while creating value for ethically operating and socially conscious industry stakeholders. The Tanzanite Foundation works to market and promote tanzanite, provides information and education on tanzanite, and is committed to meaningful and sustainable community upliftment projects in Tanzania, which are all funded through the sale of tanzanite. The Foundation has developed

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    a grading and certification program for tanzanite, and is working closely with the International Gemmological Institute (IGI) Dubai to implement this in the UAE. Is TanzaniteOne only involved with tanzanite? Or do you deal in other gemstones? TanzaniteOne remains committed to tanzanite, but with a view to expansion, TanzaniteOne Mining has bought the Lemshuku-Shamberai tsavorite project. This acquisition, of what could potentially represent the largestknown single-source of tsavorite, a green gemstone, is in line with our strategy to leverage our position as a premium colored gemstone (PCG) producer. Tsavorite shares a similar mineralogy, geology, locality, routeto-market and market positioning to tanzanite. It is only natural that we apply our experience, knowledge and relationships to other gems, complementary to tanzanite. The proximity of the project to our tanzanite operations will allow us to effectively leverage our existing infrastructure and will allow for rapid project development and economies on the mining, processing and trading fronts. What is the geographical footprint of your activities? Do you have international interests and expansion plans? TanzaniteOne has offices in Tanzania and South Africa, and supports the Tanzanite Foundation's offices in South Africa, London and New York. We plan to expand further into the markets in India, Japan, and The Philippines. Setting up offices in Dubai would be a gateway into the Middle Eastern markets. What is your objective in coming to Dubai and the UAE? How do you see Dubai/ UAE's future as a platform for the activities in your sector? The Dubai market caters to luxury products, and shows true and Ian Harebottle - CEO discerning appreciation for rare and precious items. Tanzanite's beauty and rarity coupled with its current investment value, adds to its appeal in this market. Given Dubai's encouraging business environment and ideal geographical location, it seems natural for us to move our sales operations to Dubai. We have identified a large potential market in the Middle East, and would like to establish ourselves in Dubai, as the hub from where we could grow in the Middle East. We feel that we would create a mutually beneficial relationship whereby revenue and investment would be brought into Dubai by TanzaniteOne and TanzaniteOne's Sightholders, and DMCC would provide the platform from where business would be conducted. What will be the size of your DMCC operations? TanzaniteOne sells in excess of US$30 million of rough tanzanite per annum. TanzaniteOne DMCC Ltd will focus on selling rough tanzanite procured from TanzaniteOne's mine and trading operation. Rough Tanzanite will be imported into Dubai where it will be sorted, graded, priced and packaged and specially prepared for TanzaniteOne Sightholders. The material would be exported after Sightholders view their sight in TanzaniteOne Marketing's Dubai offices. How well is Tanzanite recognized by the consumer in the UAE and Middle East? How does this compare with the gemstone's global identity and consumer awareness? Tanzanite is and has been popular mainly in the American market, as well as in South Africa and parts of Europe. The Indian market is showing huge potential for growth. Tanzanite is currently not as well recognized in the UAE and Middle East, even though two of our Sightholders have offices in Dubai. Money, time and effort need to be invested in order to provide education, promote and market tanzanite. Why did you consider membership at the DMCC? What are your expectations from this association? Business in Dubai is booming with many large global companies, especially from the diamond and coloured gemstone industries, moving here. Geographically well DMCC News The Source | October ? December 2007 07 positioned, Dubai is relatively close to all our global operations and Sightholders. Also, the DMCC is a Tax free zone. The DMCC is beneficial to us in that it is a gemstone focused entity with reputable companies, where we could make business contacts potentially leading to business. A very important factor for us is security - Dubai is considered to be one of the safest cities in the world, and in DMCC we would be in offices with many companies like our own who would value such safety. What challenges do you anticipate in targeting the local UAE, GCC and Middle East markets? As with entering any relatively unexplored tanzanite market, resources need to be committed in order to conduct market research and effectively start to lay down foundations. This does take time, effort and capital. It is imperative to clearly understand the dynamics within these markets and to ensure the best strategic partnerships. We are however confident in the potential of these markets. Trichonic-Tanzanite

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    08 Gold & Precious Metals The Source | October ? December 2007 ?Visions of Dubai? receives official patronage from Sheikh Mohammed Visions of Dubai, being unveiled to HH Sheikh Mohammed bin Rashid Al Maktoum by Ahmed bin Sulayem, Executive Chairman, DMCC and Moaz Barakat, MD, WGC Dubai's first souvenir gold coin ? ?Visions of Dubai' ? received the official patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, when it was unveiled to him earlier this year, during an Iftar gathering at the Ruler's palace. Present at the event were Ahmed bin Sulayem, Executive Chairman, Dubai Multi Commodities Centre (DMCC) and Moaz Barakat, Managing Director for the World Gold Council Middle East, Turkey & Pakistan. ?Visions of Dubai' was officially launched in April 2007, during the ?Dubai City of Gold' conference. Now, with the royal seal of approval, the coin has taken its place as an official symbol of Dubai. The first coin, in the series of valuable collectible coins representing the emirate, will feature the image of His Highness Sheikh Mohammed bin Rashid Al Maktoum on one side, while Burj Al Arab, Dubai's iconic landmark will be engraved on the other side. Other coins in the series will feature images of Dubai reflecting the spectacular ambitions of the emirate. The DMCC also hosted an Iftar launch of ?Visions of Dubai' for the local media, effectively positioning it as an exciting gift option for Eid ul Fitr. The coins have been available in the market since September 27, and the DMCC has appointed 29 authorized distributors, including Damas till date. The first two authorised distributors to be appointed for this collectible keepsake were Jumeirah Retail, part of Jumeirah Group the Dubai-based luxury hotel and hospitality management company, and Dubai Duty Free, one of the top three airport retailers in the world. In addition, Alukkas, a family jewellery business founded in 1956, was the lucky recipient of a free licence to sell the coin for the next three years. With increasing demand for souvenir gold coins worldwide, and global gold coin sales reaching 129 tons in 2006, up from 111 tons the previous year, ?Visions of Dubai' is expected to add significant value to the gold trade in the emirate. Made of 22carat gold, the coins are being produced at a local refinery (Emirates Gold) under the supervision of DMCC, thereby guaranteeing the quality of the coins, and monitoring the business practices of the appointed agent. The coins are available in four different units: 1oz, 1/2 oz, 1/4 oz and 1/10 oz . They can be purchased in a presentation box of four coins or in preferred individual sizes. The coins will be priced very competitively against the gold price, in keeping with global industry standards. DMCC TO FOCUS ON DEVELOPMENT OF COMMODITIES ASSET-BASED INVESTMENT VEHICLES DMCC signed an agreement with Shariah Capital, Inc., to explore the development of Shariah compliant investment products, based on hard assets such as commodities and precious metals. A US-based organisation with a DIFCregistered representative office, Shariah Capital Inc. provides consulting services and creates and customises Shariah-compliant financial products. Shariah Capital will work with DMCC to convert the Centre's expertise in securitising commodities inventoried in Dubai, into DMCCbranded investment tools, whose underlying physical assets represent Shariah compliant financing and investment opportunities. Shariah Capital will also work with investment managers exclusive to DMCC, with a specific focus on DMCC strategies involving precious metals and related commodities that can be configured and monitored for Shariah compliance, and distributed to investors in multiple markets. Taking advantage of Dubai's ready infrastructure, such products are expected to be seeded by DMCC and listed on local exchanges. Eric Meyer, Chairman and CEO of Shariah Capital, commented: ?Commodity-based assets represent an enormous untapped opportunity for investors interested in Islamic products and investment tools. DMCC has the vision to translate this investor need into a serious product initiative.? Ahmed bin Sulayem, Executive Chairman, DMCC said: ?DMCC looks forward to working closely with Shariah Capital to develop Shariahcompliant, professionally-managed, commoditylinked products at the investment-grade level.? Shaykh Yusuf Talal DeLorenzo, Chief Shariah Officer of Shariah Capital, said: ?Existing Murabaha offerings have long relied on foreign metal exchanges. The DMCC, with its own warehouse receipt system for commodities inventoried in the UAE, is in a unique position to take a different approach, resulting in products backed by the faith and credit of the Dubai government for the Shariah-compliant investor.?

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    Dubai gold trade increases 55 per cent in third quarter of 2007 MANAGEMENT CHANGES FAREWELL... ?Farewell? is always a difficult word to say. And it becomes even more difficult to express when you are saying goodbye to a dear friend, mentor and leader. And that is exactly what Colin Griffith was to the DMCC. Since 2003, Colin has been synonymous with all significant initiatives at DMCC. Driving the growth of the regional gold market through product development and industry specific initiatives like the Gold Sukuk, Dubai Gold Receipt and the Dubai Good Delivery, Colin developed the gold division at DMCC to make it the repertoire AND WELCOME ABOARD... As DMCC works to consolidate and build upon the success achieved by the division under Colin Griffith, the Centre welcomes Ian MacDonald, the new Executive Director for the Gold and Precious Metals Division. Ian will focus on further enhancing Dubai's role as a global centre for the gold and precious metals trade, through broadening local market horizons in refining, manufacturing and trading skills. He will also oversee business development, strengthen stakeholder relationships and develop new products while promoting best practices in the local and regional markets. Ian will also explore and develop DMCC-branded commodities-based investment vehicles. Gold trade through Dubai reached US$5.23 billion in the third quarter of 2007, an increase of 55 per cent from US$3.37 billion during the same period in 2006. A total of 174 tonnes of gold was imported into Dubai in the third quarter of 2007, 47 per cent higher than 118 tonnes in the same period in 2006. This is the highest third quarter imports recorded in the last seven years. During the same period, a total of 68 tonnes of gold was exported from Dubai, 28 per cent higher than 53 tonnes in the same period in 2006. Dubai's top trading of industry knowledge and expertise. As Director and later Chairman of DGCX, Colin was instrumental in creating awareness about derivatives trading to the region and pioneering several futures contracts on the exchange. During his last year at DMCC, Colin worked on a project close to his heart ? ?Visions of Dubai,' Dubai's first souvenir gold coin and DMCC's first consumer initiative. Going forward, we are honoured that he will continue to be associated with DMCC as the European Representative of the Centre. Ian is an expert in investment banking, commodities and futures markets, and brings a wealth of over 30 years experience to DMCC. He has held senior positions in leading institutions such as Commerzbank AG, Credit Suisse and Billiton (UK) Ltd. (now BHP) and in fact, was instrumental in establishing the precious metals department of Commerzbank AG and Credit Suisse, New York. Ian holds a US National Association of Securities Dealers (NASD) Series 7 and Series 63 License, has been a member of the New York Mercantile Exchange (Comex division) and served on the Metals Advisory Committee. He was also a board member of the Gold Institute in Washington, D.C. Gold & Precious Metals The Source | October ? December 2007 09 partners for gold include India, Switzerland, Malaysia and the GCC states. India and Switzerland were the top importers from Dubai and India, Australia, Malaysia, USA and Switzerland were top exporters to Dubai. Despite consistently rising gold prices (averaging US$680 per ounce in Q3 2007), the value of gold imported and exported through Dubai has recorded an increase, underlying continued consumer confidence in Dubai's gold market and reinforcing the emirate's traditional role as an important hub for international gold trade. According to the World Gold Council, retail gold sales in the UAE also increased by 21 per cent in the third quarter of 2007, to AED 2.5 billion. Gold consumption rose 10 per cent to 26.3 tonnes during July to September this year, up from 23.9 tonnes for the same period last year. In fact, across the Middle East, consumer demand for gold increased 13 per cent to 93.2 tonnes during the third quarter of 2007, while jewellery demand rose 14 per cent and net retail investment jumped five per cent. Above: Gold team presents Colin with an album of memories

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    10 Diamonds The Source | October ? December 2007 Dubai Diamond Exchange offers new value proposition In a revolutionary move to further grow the regional diamond trade, the Dubai Diamond Exchange (DDE) has decided to rewrite the traditional membership rules of diamond bourses, and throw open the doors of the exchange to retail members of the diamond trade. For the first time, jewellery retailers in the Middle East can use the DDE membership as a credit card to the diamond business, and have direct access to the international diamond market. Ahmed bin Sulayem, said: ?Most international diamond The process of certifying diamonds through the Kimberly Process certification will become faster for UAE-based diamond traders importing or exporting rough diamonds, because the complete operations of the Kimberly Process Certification Scheme office will now find a new home at the Emirates Group Security Headquarters, located in Dubai Airport Free Zone (DAFZA). A Memorandum of Understanding to this effect was signed recently between DDE and Transguard, the leading security service provider of the Emirates Group. Once operational, the procedure of certifying rough diamonds will be routed through the Transguard facility in DAFZA. This move is in keeping bourses set up in the nineteenth century had in fact, begun to lose their significance in the 20th century. DDE has revamped and upgraded the concept of diamond bourses to an entirely new level in this modern era, to offer greater global connectivity to the diamond trade.? DDE's new and improved membership package was unveiled recently at a dedicated trade event alongside the Dubai International Jewellery Show. It includes access to the prestigious diamond industry cluster soon to be resident at DMCC's flagship Almas Tower, and the opportunity to increase connectivity through using DDE as the single market interface for the region's diamond market. In turn, traders and manufacturers have access to this booming retail market, and international players are afforded a secure home in the world's third largest diamond consuming region. All within a friendly tax free environment. DDE also regulates the trade and acts as market maker for regional diamond and jewellery businesses. In addition, DDE offers a priority clearing procedure for member shipments, assistance with visa services, one-stop service centre including customs clearance, Kimberley Process inspections, shipping, diamond testing, cleaning, and certification and access to DDE's state of the art, fully automated vault. TRANSGUARD SIGNS MOU WITH DUBAI DIAMOND EXCHANGE with DDE's objective to better serve the industry with even faster and highly secured clearing of diamond shipments. Dr. Abdulla Al Hashimi, Emirates Group Security with Mr. Ahmed Bin Sulayem, Executive Chairman, DMCC DUBAI ROUGH DIAMOND TRADE EXCEEDS US$1 BILLION IN THIRD QUARTER 2007 Dubai's total trade in rough diamonds reached US$1.08 billion in the third quarter of 2007, registering a 31 per cent increase from US$828 million during the same period in 2006. Rough diamond imports into Dubai reached US$447.6 million, increasing by 32 per cent from US$337.4 million in third quarter of 2006, while exports reached US$640.2 million, a 30 per cent increase from US$490.5 million in the same period in 2006. As the official body that oversees the Kimberley Process Office of the UAE, and ensures that rough diamonds entering and leaving the UAE have been mined in a legitimate manner, the DDE issued 646 KP Certificates in the third quarter of 2007 for rough diamonds exported from Dubai. Ahmed bin Sulayem, Executive Chairman of DMCC and Deputy Chairman of the DDE, said: ?Several proactive initiatives undertaken by DMCC to develop the physical infrastructure and ancillary services including Master Plan for the diamond trade, the launch of the International Diamond Laboratories, and the appointment of a Special Advisor for Diamond Banking have served to further enhance confidence in the regional diamond trade.?

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