The Dubai Diamond Exchange (DDE), a DMCC platform, and the singular diamond and coloured stones trading entity in the GCC region, will cross a milestone by enrolling its 1000th member. The Arslanian Group DMCC is poised to join the DDE, DMCC announced recently, thus paving the way for this achievement. The Group is a leading player in the rough diamond business and has been in existence for three generations.

Membership to the DDE is compulsory for all DMCC-licensed members who trade in jewellery, pearls and precious stones; manufacturing precious jewellery and cutting and polishing precious stones. “The DDE ensures its members have the safety of trading only with reputable companies who adhere to its compliance guidelines and are bound by a strict code of good business practices and ethics,” the organisation stressed, while making the announcement.

Peter Meeus, Chairman of the DDE Board of Directors, commented: “As a trade regulator and market maker for diamond and coloured stones businesses, the DDE is the only bourse in the GCC affiliated with the World Federation of Diamond Bourses (WFDB). The DDE brings together several large scale initiatives that complement industry requirements, such as rough and polished diamond tenders as well as one globally accepted framework for governance and trade practices.”

Raffi Arslanian, on behalf of Arslanian Group DMCC, said: “We have chosen to grow our operations further in Dubai and in the Almas Tower. Due to its strategic location in between the cutting centres in India and the Far East and the producing nations in Africa, Dubai is ideally located. We are proud to be the 1000th Member of the Dubai Diamond Exchange. Especially the logistical flight connections and the great infrastructure have helped us make this decision to expand our services in Dubai further.”

As the DDE is affiliated to the World Federation of Diamond Bourses (WFDB), it has the authority “to arbitrate and resolve disputes for members with verdicts withheld in other WFDB affiliated bourses”; it also “assists with international dispute settlement, helping members find solutions”, the organisation said.

Ernie Blom, President WFDB commented: “We are delighted to hear about the rapid growth of the Dubai Diamond Exchange to become one of the leading diamond exchanges in the world. The landmark of 1,000 members is impressive, especially in the knowledge that the DDE only started its operations in 2004. Great work and a major achievement for the Dubai Diamond Exchange team and the DMCC!”

Ahmed Bin Sulayem, Executive Chairman of the DMCC, concluded: “Dubai's trade and commerce role is, and has always been, to facilitate trade along the silk route by providing people with the tools they require to succeed. The Dubai Diamond Exchange implements a robust framework that has rapidly expanded by maximising its strong connectivity with producer markets in Africa, cutting centres in Asia and consumers in Europe, the US and China. By providing world-class infrastructure for service providers, regional and international trading partners, DMCC will continue to ensure industry participants can trade with confidence and access new markets.”