Master Plan launched for Dubai's diamond sector

posted on 28/02/2007: 30 views

The Dubai Multi Commodities Centre (DMCC) revealed yesterday a Master Plan to further develop a service economy through supporting the diamond trade. The Master Plan seeks to implement a three-pronged strategy for business development, trade support and the creation of an interface to structure market interaction in the diamond sector in Dubai.



The Master Plan will be implemented under the co-ordination of Peter Meeus, the newly appointed Executive Director for Diamonds and Coloured Stones. Meeus will take over from Tawfic Farah, who will be returning to the Gemological Institute of America on completion of his three-year assignment in May this year.



According to the Master Plan, DMCC will develop tailor-made solutions for producers of rough diamonds to market their production through Dubai. DMCC will also undertake initiatives to make additional finance available to the diamond trade. The strategy includes plans to develop industry specific forums, including a B2B trade fair for the international diamond community, effectively positioning Dubai as a global hub for this growing sector.



Some of the diamond-industry related services in DMCC's pipeline include establishing its own diamond-grading laboratory and a diamond academy. The academy will tie-up with reputed institutions to offer a complete range of training programs for the diamond industry across the entire value chain from identification and grading to manufacturing. These initiatives are expected to actively stimulate the development of a specialized servicing economy to the trade. (Emirates News Agency, WAM)

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