Dubai Delegation Strengthens Ties with India
June 27, 24
(In association with Bharat Diamond Bourse) - India and Dubai, two of the world's leading diamond trade hubs, aim to strengthen mutual ties after a delegation from DMCC (Dubai Multi Commodities Centre) visited the Bharat Diamond Bourse (BDB) in Mumbai.
Both sides explored opportunities for enhanced collaboration and mutual growth in an event jointly hosted by Bharat Diamond Bourse (BDB) and the Gem & Jewellery Export Promotion Council (GJEPC).
The DMCC, home to the Dubai Diamond Exchange (DDE), accounts for 11 per cent of Dubai's annual foreign direct investment, and 7 percent of its GDP.
DDE, founded in 2002, reported a 17 per cent increase in rough and polished trade last year, up to $37.4bn, and became the top trading hub globally for rough diamonds.
Ahmed Bin Sulayem, DMCC's executive chairman and CEO, toured BDB's operations and its trading floor and saw its advancements in technology, security, and sustainability practices.
He also spoke to key stakeholders during his visit, accompanied by a delegation that included Dr. Martin Leake, DMCC's special advisor for precious stones.
"Bharat Diamond Bourse is a testament to India's significant contribution to the diamond industry," he said. "Our visit here reaffirms our commitment to strengthening partnerships and creating synergies that benefit the global diamond trade."
During their discussions, BDB president Anoop Mehta highlighted the need for banking reforms, noting that diamond traders in Dubai face significant challenges in opening new accounts and managing routine operations.
Bin Sulayem, who currently chairs the Kimberley Process, invited BDB and GJEPC representatives to the KP Plenary meeting in Dubai in November.
"We are honored to welcome H.E. Ahmed Bin Sulayem and his team to Bharat Diamond Bourse," said Mehul Shah, BDB's vice president. "This visit marks a significant step towards fostering stronger ties and exploring collaborative avenues that can drive the diamond industry forward.
"We look forward to continued engagement and cooperation with DMCC to support the growth and development of the global diamond market."