Dubai's share of the global market continues to grow with the launch of The Dubai Diamond Exchange (DDE), which is providing a major impetus to the diamond trade.

According to Tawfique Abdullah, chairman, DDE, termed the launch of the diamond exchange by Dubai Metals and Commodities Centre (DMCC) a step closer towards the goal of establishing Dubal as a diamond centre of excellence.

"The DDE has opened the door to tremendous opportunities for local, regional and international diamond traders. With our industry-specific initiatives, Dubai will undoubtedly facilitate more business for the diamond industry," he observed.

Abdullah also believes that the implementation of the Kimberley Process Certification Scheme(KPCS) by DMCC has encouraged and enhanced the business of import and export of diamond in the country. The UAE is  the first Arab country to implement KPCS.

According to the latest available statistics, the total amount of diamond jewellery sold in the Gulf region in 2002 was $1,528 million positioning the region as the third largest buyer of diamonds in the world, after the US ($27,405 million) and Japan ($8,505 million). In 2003, diamond jewellery activities in the UAE flourished registering more than 25 per cent growth.

Consumers are opting for diamond jewellery during weddings, birthdays, anniversaries as most of the diamond traders are offering special exchangeability option for diamond jewellery buyers.

One of the leading diamond jeweller told Khaleej Times, “The  sale of diamond jewellery in the UAE also increased by 15 per cent this year and growth is reflective of the increase in the level of trust and confidence the industry has cultivated in the general market as well as the increase in the number of tourists who came in, particularly from Europe and the Indian subcontinent. ”

The DDE is facilitating the trade of rough and polished diamonds in the region as the centre accommodates every facet of the business manufacturing, trade, education, certification and technology.

According to the industry sources, Dubai is ready to join the leading international diamond centres which includes Antwerp, New York and Mumbai as some of the world's leading diamond representatives from Belgium, South Africa, the US and India have joined DDE as board members  who also represents the World Diamond Council and the World Federation of Diamond Bourses. 

The diamond division within DMCC is aiming to establish Dubai as a diamond trading and value-adding centre of global significance.  

The DMCC facilities will also include bringing the best of educational institutions to Dubai, to make the latest in technology and processes available to the local and regional market.

Within the next few years, Dubai's diamond community, established in landmark Almas Tower (Almas means 'diamond' in Arabic), is set to sparkle more brightly than ever.  

DMCC is also a free zone authority offering 100 per cent business ownership, a guaranteed 50-year tax holiday and freehold property options.