Dubai is rolling out the red carpet to encourage international diamond companies to set up operations in the emirate.
Dubai’s free zone for commodities trade and enterprise, DMCC, announced on Friday the launch of its latest discount campaign for the world’s diamond trading businesses in hopes to attract new enterprises to Dubai.
Effective immediately and valid until September 30, 2020, DMCC has reduced its business set-up fees by 50 percent for all diamond-connected firms.
In addition, DMCC announced that new company registrations will be offered a free 12-month membership on the Dubai Diamond Exchange (DDE) – a community of over 1,000 leading diamond companies in Dubai.
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To mark the campaign launch, DMCC lit up the Burj Khalifa – the world’s tallest building – with a visual display in celebration of Dubai’s remarkable diamond story.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: “The trade of precious metals and stones is a critical pillar of the nation’s economic diversification agenda. The UAE Ministry of Economy is focused on catalyzing a new phase of economic growth and development in the country, and supporting the trade connected to diamonds is a priority. Any initiative that connects the UAE with partners around the world and showcases the exciting business opportunities that exists here is one to be supported.”
Two decades of rapid growth
Dubai is fast becoming the world’s leading diamond trading hub, both in terms of value and volume after two decades of rapid growth. In 2003, the total value of rough and polished diamonds traded in the emirate was 13.2 billion dirhams ($3.6 billion), a figure that rose significantly in 2018 to 91.8 billion dirhams ($25 billion).
DMCC has also revealed its plan to help Dubai become a leading international trade hub for Laboratory Grown Diamonds (LGD) and colored stones.
“Right across the supply chain, the diamond industry is passing through a period of turbulence. For many, the change that will follow is seen as an unpredictable threat. But for Dubai, it is an opportunity. Adaptability is the cornerstone of the emirate’s approach to business, and with this display on the iconic Burj Khalifa we hope to not only showcase our connection to diamonds but offer a sense of optimism, direction and leadership to the entire precious stones industry,” said Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC.
“By reducing the cost of setting up in DMCC by record levels, we hope to remove barriers to entry and supply the type of support required by business during challenging times. Dubai is the future of diamonds, and we invite the world to join us …,” he added.
Since its inception in 2002, DMCC has created the ecosystem, state-of-the-art infrastructure, facilities and services required to attract, facilitate and promote diamond trade in Dubai.
The growth of the Dubai Diamond Exchange – the world’s largest diamond tender facility – alongside the success of knowledge-sharing platforms such as the flagship Dubai Diamond Conference, have placed Dubai at the heart of the region’s diamond industry.