Dubai Diamond Exchange Marks Landmark 1,000 Members
March 23, 17
(IDEX Online) – The Dubai Diamond Exchange (DDE), the only diamond and colored stones trading exchange in the Gulf Cooperation Council region, and home to some of the world’s most best-known jewelry manufacturers, retailers and traders has announced that the Arslanian Group has become its 1,000th member.
The Arslanian Group has been a leading player in the international rough diamond business for three generations. The DDE – a DMCC platform and Dubai Government initiative – is located in the iconic Almas Tower, the heart of the region’s diamond trade.
Peter Meeus, Chairman of the DDE Board of Directors, commented: “As a trade regulator and market maker for the diamond and colored stones businesses, the DDE is the only bourse in the GCC affiliated with the World Federation of Diamond Bourses (WFDB). The DDE brings together several large scale initiatives that complement industry requirements, such as rough and polished diamond tenders, as well as one globally accepted framework for governance and trade practices.”
WFDB President Ernie Blom said: “We are delighted to hear about the rapid growth of the Dubai Diamond Exchange to become one of the leading diamond exchanges in the world. The landmark of 1,000 members is impressive, especially in the knowledge that the DDE only started its operations in 2004. Great work and a major achievement for the Dubai Diamond Exchange team and the DMCC.”
Raffi Arslanian, on behalf of Arslanian Group DMCC, said: “We have chosen to grow our operations further in Dubai and in the Almas Tower. Due to its strategic location between the cutting centers in India and the Far East and the producing nations in Africa, Dubai is ideally located. We are proud to be the 1,000th member of the Dubai Diamond Exchange. The logistical flight connections and the great infrastructure have helped us make this decision to expand our services in Dubai further.”
The DDE assists with international dispute settlement, helping members to find solutions. As a member of the WFDB, the DDE has the authority to arbitrate and resolve disputes for members with verdicts withheld in other WFDB-affiliated bourses.
DDE membership serves as a mark of distinction, opening doors and allowing access to those active in the diamond trade, the DDE said. The DDE ensures its members have the safety of trading only with reputable companies who adhere to its compliance guidelines and are bound by a strict code of good business practices and ethics.
DDE membership is compulsory for all DMCC licensed members trading in jewellery, pearls and precious stones, manufacturing precious jewelry, and cutting and polishing precious stones.
Ahmed Bin Sulayem, Executive Chairman of the DMCC, concluded: “Dubai's trade and commerce role is, and has always been, to facilitate trade along the silk route by providing people with the tools they require to succeed. The Dubai Diamond Exchange implements a robust framework that has rapidly expanded by maximizing its strong connectivity with producer markets in Africa, cutting centers in Asia and consumers in Europe, the US and China. By providing world-class infrastructure for service providers, regional and international trading partners, DMCC will continue to ensure industry participants can trade with confidence and access new markets.”