Dubai diamond exchange new diamond laboratory
New diamond laboratory in Dubai to standardise trading
posted on 12/02/2008
The
Dubai Diamond Exchange (DDE) is taking on an ambitious project to commodify
the diamond trade for the first time globally, bringing transparency to pricing
and creating potential for a futures market for the precious stones, according
to the head of the exchange.
Dubai Diamond Exchange
Mezzanine Floor
Business Avenue
Port Saeed Road
Deira, Dubai
UAE
Tel: +971 4 295 2262
Fax: +971 4 295 6775
E-Mail: contactus@dde.ae
International Diamond Laboratories (IDL), a new diamond certification service and a joint venture project by Dubai Multi Commodities Centre (DMCC), has been created to help move the project along, said Youri Steverlynck, Chief Executive Officer of DDE.
IDL will be headquartered in Dubai, with branches in Antwerp and Mumbai, and will be administered by a board of directors, including international authorities in the global diamond business. Commodifing diamonds, or turning the stones into a commodity, would allow consumers and dealers to compare prices of similar stones. In the case of gold, commoditisation allows ordinary consumers to gauge real value and avoid being charged too much by unscrupulous traders.
Meanwhile DDE's strategy does not end with commodisation. The exchange is also planning to introduce an Electronic Diamond Exchange at its new headquarters in Al Mad Tower.
Steverlynck said: "After standardisation and commoditisation, the exchange will start the Digital Electronic Trade Network and Dubai will be the first exchange in the world to launch.” – Emirates Business 24/7
The
Dubai Diamond Exchange (DDE) is the first diamond bourse within the Arab region,
serving a broader region of growing trade flows beyond the Middle East. The
Exchange facilitates the trade of rough and polished diamonds in and through the
region.
Dubai's share of the global diamond market continues to grow and the creation of the Exchange is set to provide a major impetus to the diamond trade and this ambitious emirate is set to join leading international diamond centres.
The DDE is a member of the World Federation of Diamond Bourses (WFDB), making it the first WFDB-affiliated bourse in the Arab world. Ethics, good business practice and morality are paramount and these are protected vigorously by the Constitution of the WFDB on an international level. Founded in 1947, the WFDB provides a legal framework and convenes to enact regulations for its member diamond bourses. As part of the international bourses body, DDE members will have access to and follow the same trading practices as all member bourses.
DDE was created by the Dubai Multi Commodities Centre (DMCC), a Dubai government initiative, as part of its ongoing strategy to create an industry-specific market infrastructure.
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