Dubai Diamond Exchange and Alrosa Sign Cooperation Agreement
April 08, 14
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The agreement aims to strengthen the relationship between the world’s largest producer of diamonds in volume terms and the DDE.
The document was signed by Andrey Polyakov, Alrosa Vice President, and Peter Meeus, Chairman of the Board of Directors of the DDE, in the presence of Yegor Borisov, President of the Republic of Sakha (Yakutia), and Ahmed Bin Sulayem, Executive Chairman of the Dubai Multi Commodities Centre (DMCC).
Under the terms of agreement, the DDE and Alrosa will contribute to the development of a competitive rough and polished diamond market in Russia. The sides also commit to a frequent exchange of expertise and information regarding the implementation of the Kimberley Process Certification Scheme and responsible sourcing of diamonds.
Furthermore, both parties will participate at global industry events and seminars, to share market intelligence and identify new trends and technologies.
Borisov said: “Throughout the second half of 2014, Alrosa is planning to resume business through its subsidiary company Arcos East in Dubai, whose business was suspended following the world crisis in 2009. In the year 2001, the Dubai diamond trade was nascent there was not nearly as much diamond trade in Dubai and with the amount of trade at that time amounting to $ 5 million. Within 10 years, the size of the diamond trade in Dubai jumped to more than $39 billion.
"Secondly, the continued emergence of the Emirates as a leading center for the diamond trade, especially in Dubai, has occurred thanks to large naval and air transportation lines as well as the city’s ideal geographic location between the diamond-producing and diamond-consuming countries. This facilitates the process of conducting business.”
Bin Sulayem commented: “We are pleased to see Alrosa return to Dubai. The signing of our Cooperation Agreement is further testament to the strength of the trading ties between Alrosa and DMCC. We are confident that Alrosa’s rough diamonds - some of the world’s finest and purest - will complement the large availability of rough diamonds on the Dubai market to the benefit of the international diamond trade as well.”