Dubai: The Dubai commodities-focussed free zone DMCC’s Executive Chairman and CEO, Ahmed Bin Sulayem, will be an ‘ambassador’ for the World Diamond Council’s updated System of Warranties (SoW) initiative. Joining him will be DMCC’s Dr. Martin Leake, Special Advisor - Precious Stones.
The SoW applies every time a rough or polished diamond changes hands, whether it is loose or set in a jewellery. It assures buyers that the diamond originates from a source that is compliant with the Kimberley Process Certification Scheme.
“At DMCC, ensuring and driving the legitimate trade of diamonds through Dubai is one of our core priorities,” said Bin Sulayem, who is also Chairman of Dubai Diamond Exchange. “This philosophy is one of the central reasons why Dubai is now one of the world’s top diamond trading hubs. The initiatives over the past decade reflect diamonds amongst the best controlled commodities in the world.”
As ambassadors, DMCC’s representatives will have the responsibility to educate current and future members of the Dubai Diamond Exchange (DDE) on the SoW initiative, as well as what the new updates mean - and how to implement them.
The Kimberley Process (KP) is a trade regime established in 2003 with the goal of preventing the flow of conflict diamonds. The core of this is the Kimberley Process Certification Scheme (KPCS), under which countries implement safeguards on shipments of rough diamonds and certify them as ‘conflict free’.
The UAE became a member of the Kimberly Process (KP)in 2003. As the KP’s only Arab member country, the UAE is committed to streamlining the diamond trade with global standards while protecting the legitimacy of the entire diamond industry.