Bin Sulayem Will Take Over Dubai Diamond Exchange From February 2018
Ahmed Bin Sulayem, Executive Chairman of the Dubai Multi Commodities Centre (DMCC), will assume the chairmanship of the dubai Diamond Exchange (DDE), going forward with the ambition to further elevate Dubai’s role as the global marketplace for diamond trade.
A press note from the DMCC said that this confirmed the announcement made on October 16, that current DDE Chairman Peter Meeus would step down as of January 31, 2018. Meeus has, however, been nominated to continue as Honorary Chairman of the DDE.
The press note added that over twelve years ago, Bin Sulayem began putting in place the infrastructure necessary to create an international marketplace for diamonds in Dubai. Since then, the Dubai diamond trade, under the auspices of the Dubai Diamond Exchange, has grown at a significant rate and positioned the Emirate as one of the leading rough and polished diamond trading hubs globally. The value of diamonds handled through Dubai has grown from $3.5 billion in 2003 to over $26 billion in 2016.
Located in Dubai’s iconic Almas Tower, the DDE is the home to over 1,000 regional and international precious gems companies. As a trade facilitator and market maker for diamond and coloured stones businesses, it is the only bourse in the Middle East affiliated with the World Federation of Diamond Bourses (WFDB). The DDE brings together several large scale initiatives, such as rough and polished diamond tenders and trade benefits for pearls and coloured stones.
Ahmed Bin Sulayem said, “The opportunities and challenges for the Dubai Diamond Exchange are of a different nature going forward. In the past 12 years, we built the foundation of a solid exchange, attracting over 1,000 members operating out of the Almas Tower. Not only do we want to consolidate this position, but it is also our ambition to grow further and make Dubai a unique and interconnected hub with the rest of the world.”
He added, “Our proximity to Africa as well as the unique logistical infrastructure which Emirates Airlines provides to hundreds of destinations world-wide is crucial in the development of Dubai as a leading diamond centre.”
Peter Meeus said, “I have been extremely privileged to work in such a dynamic environment as Dubai for the last 12 years. With the help of the Dubai government, we have been able to establish a unique facility which today is one of the top three trading centres of diamonds in the world. This has been an extraordinary experience with many challenges, especially when the financial crisis hit us in 2008, but Dubai has shown its resilience and flexibility to come through even from the worst possible situations. I am convinced that the Dubai Diamond Exchange has a great future ahead and I’m proud to have been able to participate in its growth since its inception in 2004.”