1. DMCC delegation meets with Angolan government officials
2. Discusses opportunities for promoting rough diamond trade
3. Strengthens Dubai’s focus on ethically sourced diamonds
Dubai Multi Commodities Centre (DMCC) announced today that it has begun exploring opportunities to strengthen ties with Angola in the area of diamond trade. Dubai’s delegation comprising Ahmed Bin Sulayem, Executive Chairman of DMCC, Peter Meeus, Chairman of Dubai Diamond Exchange and Paul Motmans, an expert on the Angolan economy, met with senior government officials of Angola at a high-profile dinner meeting in Luanda, Angola, earlier this month.
Dubai and Angola are in the preliminary stage of outlining areas for cooperation to increase rough diamond trade volumes, in addition to other initiatives that can benefit the entire value chain of the diamond industry. A delegation from Angola has been invited to visit Dubai to formalise the framework for future initiatives between both governments. During the Dubai delegation’s visit to Angola, the executives also held meetings with the Ministry of Mines, and Endiama, the Angolan Mining and Trading Authority.
“In this era of globalisation, the increasing economic integration between the Middle East and Africa is important for our shared growth,â€ said Ahmed Bin Sulayem. â€œThe diamond trade between both regions, in particular, represents our complementary strengths. We hope to cooperate more closely to promote growth and transparency of the diamond trade and to create long-term sustainable benefits for both Angola and Dubai.”
He added: “Dubai has always been a friend and well-wisher of Angola. Our respective lands share a long-standing relationship built on a rich heritage of trade, commerce and cultural exchange. Our recent visit to Angola lays the foundation for further enhancing our relations with Angola, which is today the world’s third largest producer of rough diamonds, producing diamonds worth around US$1.5 billion annually.”
During the visit to Angola, the DMCC delegation also highlighted its adherence to the Kimberley Process Certification Scheme (KPCS), which authenticates ethically sourced diamonds. KPCS has recently opened its second Dubai office in Almas Tower, which is also the headquarters of DMCC.
Peter Meeus, Chairman of Dubai Diamond Exchange, said: “Angola is DMCC’s largest trading partner in rough diamonds. The diamond industry is by far the largest revenue generating sector of Angola, with diamond output constituting 95 per cent of the country’s non-oil GDP. It is also estimated that more than 60 per cent of the country is still yet to be explored. Together, these factors make Angola a significant market for global trade of diamonds through Dubai.”
Meeus added that Dubai is uniquely positioned to service the needs of the diamond sector in the wider region. The emirate has a robust infrastructure of ports, a well-connected transport system, open trade policies and a service-oriented approach.
DMCC was created in 2002 as a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. DMCC provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.