DMCC (Dubai Multi Commodities Centre) and Alrosa, a Russian group of diamond mining companies, have agreed to enhance diamond trade cooperation.
Alrosa president Sergey Ivanov discussed options for expanding Alrosa's trading activities at the Dubai Diamond Exchange, a DMCC entity, with Ahmed Bin Sulayem, executive chairman of DMCC, at Alrosa's headquarters in Moscow, Russia.
The parties also agreed to enhance efforts to stem the flow undeclared synthetic diamonds entering the marketplace.
“With a relationship that spans 15 years, DMCC is delighted to strengthen its collaboration with Alrosa, the world’s largest diamond mining company. As the fastest growing Free Zone and the third largest diamond trading the centre in the world, industry leaders like Alrosa leverage DMCC and Dubai as a trading hub, its world class infrastructure, access to finance, connectivity to world markets, including trade routes such as one belt, one road,” said bin Sulayem.
“We look forward to hosting Ivanov, president of Alrosa, as our guest of honour at the upcoming Dubai Diamond Conference in October 2017,” he added.
"Dubai is one of the world's leading diamond trading centres. In 2016 alone, Alrosa sold rough diamonds worth $259.5 million to companies - residents of the United Arab Emirates. Alrosa's affiliate Arcos East DMCC has been successfully operating at the Dubai Diamond Exchange, and we are certainly interested in wider cooperation with our partners from DMCC," noted Ivanov.
During the meeting, Ivanov also congratulated DMCC and the Dubai Diamond Exchange for its phenomenal journey over the last 14 years, growing from a regional market place to becoming the third largest diamond trading hub in the world, with 1,000 active members in the Exchange.
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