DMCC Consolidates Diamond, Pearl and Gems Under One Management
March 16, 09
The Dubai Multi Commodities Centre (DMCC) decided to consolidate its diamond, pearl and colored exchanges into a single unit, the Precious Gems Division. Coloured Stones & Pearls Executive Director Gaiti Rabbani has been appointed executive director of the division as well as chief executive officer of diamond exchange.
The DMCC decided on the move to achieve greater working synergies and pursue strategic growth opportunities, Rabbani told IDEX Online.
The new division will include the activities of the DMCC’s Diamonds Division, Coloured Stones & Pearls Division, Dubai Diamond Exchange (DDE), Dubai Pearl Exchange (DPE) and Dubai Gems Club.
The DMCC has also created a Diamond Control Office (DCO). Its role is to regulate and oversee the trade of diamonds and the implementation of the Kimberley Process Certification Scheme. Maryam Al Hashemi, who has been heading the Kimberley Process operations at DMCC since 2003, will head the DCO.
According to Rabbani, Peter Meeus, who until recently served as executive director for diamonds, has been appointed chairman of the board of directors of the Dubai Diamond Exchange (DDE). He will continue in his role as chief executive officer of the International Diamond Lab, the Dubai headquartered diamond grading lab. Meeus has been given the mandate to lead certain special projects at the DDE.
“All of the initiatives will continue as before,” reassured Rabbani adding that personnel cuts are not planned following the consolidation.
Among the initiatives are regular rough diamond and pearl tenders. In addition, polished diamond tenders are in the planning.
Rabbani held a string of management roles with the DMMC, including business development manager.
“This consolidation of our precious gems operations is a natural step in DMCC’s evolution,” said DMCC Executive Chairman Ahmed Bin Sulayem. “Many of our member companies trade across the spectrum of precious gems, and through our new integrated division, we can offer more synergized and personalized services. We are confident that the integrated team will further strengthen the services provided by DMCC.”