Coronavirus: Dubai Diamond Exchange reopens following lockdown

The Dubai Diamond Exchange (DDE) reopened for business on Monday following a period of closure due to the coronavirus pandemic, state news agency WAM reported.

Businesses across Dubai and the UAE at large have been closed as authorities have moved to contain the spread of the deadly coronavirus pandemic. These restrictions are gradually being walked back, with the emirate slowly opening back up for business.

The DDE, located inside the Dubai Multi Commodities Centre Authority (DMCC) freezone, has, “implemented all the latest health and safety guidelines and protocols issued by the UAE government and health authorities,” DDE said, WAM reported.

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“Social distancing measures alongside regular disinfection procedures are in place to guarantee a safe experience for employees and visitors alike,” DDE added.

Precious metals and stone businesses make up an important component of the UAE’s economy, data released by the Abu Dhabi General Administration of Customs estimates that the value of trading in precious metals and gemstones reached 5.42 billion dirhams ($1.48 billion) in the first quarter of 2020, up 34.4 percent from the same quarter in 2019.

“While we continue to navigate a global economic slowdown, we must also be prepared to bounce back … We have been diligent in our effort to ensure the Dubai Diamond Exchange is ready to accommodate tenders safely, and we look forward to updating the market on its activities in the coming period,” Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, WAM reported.

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