Dubai Multi Commodities Center (DMCC) announced today that it will organize the first Dubai Diamond and Jewelry Summit, with the objective of providing the international jewelry 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 jewelry trade, and will be held on Nov. 8 - 9, 2008 at the Atlantis Hotel, Palm Jumeirah. The summit builds on the visit to China by 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 & Jewelry Trade Association of China, for increased cooperation towards mutual growth and promotion of diamond and jewelry 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 to 2007, standing at a total of $1.5 billion while polished diamond trade reached $2.7 billion. The Chinese jewelry industry has also achieved record sales in 2007, with a growth of 11 percent compared to 2006, to reach over $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 center of the fast-growing jewelry 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 jewelry 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 coloured 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 jewelry 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.” DMCC was created in 2002 as a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. Rated ‘A' by Standard & Poor's, it 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 percent business ownership, full ownership of business premises, and a secure regulated environment. __
