Dubai to Host Diamond & Jewellery Summit

Dubai Multi Commodities Centre (DMCC) announced Tuesday that it will organise the first Dubai Diamond and Jewellery Summit, with the objective of providing the international jewellery trade with a forum to initiate relationships in the Middle East - the fastest growing market for diamonds.

The inaugural two-day summit will focus on Middle East-China diamond and jewellery trade, and will be held from November 8 - 9, 2008 at the Atlantis Hotel, Palm Jumeirah.

The summit builds on a visit to China by HH Sheikh Mohammed bin Rashid Al Maktoum, vice president and Prime Minister of the UAE and ruler of Dubai, and reinforces ongoing efforts to further strengthen trade relations between both countries. It also follows two strategic agreements signed earlier this year by DMCC with the Government of Panyu, China and with the Gems & Jewellery Trade Association of China, for increased cooperation towards mutual growth and promotion of diamond and jewellery trade.

Diamond trade in the UAE alone witnessed record growth in 2007, crossing the stellar $10 billion mark. Dubai's rough diamond trade alone witnessed a 32 percent growth in the first quarter of 2008 as compared witho 2007, standing at a total of $1.5 billion while polished diamond trade reached $2.7 billion. The Chinese jewellery industry has also achieved record sales in 2007, with a growth of 11 percent compared to 2006, to reach $26 billion.

Ahmed Bin Sulayem, executive chairman, DMCC said: "Emerging economies such as the UAE, Saudi Arabia, Turkey and Egypt are all set to become the centre of the fast-growing jewellery business in the next three years, with Dubai being the natural gateway for the wider region. In fact, the UAE and Hong Kong are among the prominent markets experiencing exponential growth. This summit will focus on the growing business potential between China and the Middle East, two major global trading blocs."

According to Peter Meeus, executive director - Diamonds, DMCC, the summit will serve as a platform for the manufacturing, trading and retail jewellery communities between both countries to mutually grow trade opportunities. He added that the event is poised to further boost the diamond trade industry, promote Dubai as a major diamond hub and present DMCC as the facilitator of the growing diamond trade in the region.

Many businesses in the area of precious metals and colored stones and gems are turning their attention to the Middle East which has become one of the fastest growing consumer markets. This is reflected in the exponential increase of polished diamond imports to Dubai by 69 percent in the first quarter of this year," said Meeus.

Commenting on the opportunities for the diamond industry, Meeus said: "Although diamonds are relatively new in the Chinese and Middle Eastern markets, leading retail jewellery companies have witnessed phenomenal growth in the past decade. DMCC's strategic objective in hosting this summit is to bring these companies together and create opportunities for them to further grow their business."
Source-diamonds.net