Dubai’s DMCC and Russia’s Kristall Forming Diamond Alliance

The Dubai Metals and Commodities Center and Kristall Production Corp of Russia, a large scale polished diamonds manufacturer, are forming an alliance to support the development of the regional diamond sector.

The move is part of DMCC’s strategy of working with regional and international partners to establish a global center of excellence for its diamond partners.

A senior delegation from Kristall recently visited Dubai for initial talks on the plans.

Tawfique Abdullah, CEO of DMCC, and Yuri Rebrik, Kristall director-general, outlined plans to exchange information for the benefit of both organizations.

”Under the agreement, DMCC will apprise Kristall on the position of the diamond market in the UAE and submit consolidated data on the business and its development perspectives in the Gulf,” said Abdullah. “Kristall will share information about its valuation of rough and polished diamonds in Russia and market development trends.”

The local entity will also provide Kristall with an overview of key developments.

”We will keep Kristall informed on the dynamics of prices for polished diamonds plus required assortment. Through this partnership, Dubai will have a far greater importance in the global marketplace for precious metals, gems and jewelry.

"DMCC is extremely excited about this alliance and this relationship will provide us with invaluable data and a significant global diamond partner to promote Dubai as an emerging diamond hub," he added.

Kristall began polishing diamonds in 1963 and is the largest diamond manufacturer in Russia.