The Dubai Multi Commodities Centre (DMCC) recently visited the Bharat Diamond Bourse (BDB) to fortify ties between two of the world’s leading diamond trade hubs.
The delegation from DMCC was led by H.E. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, and included Dr. Martin Leake, Special Advisor for Precious Stones, among other UAE representatives. The visit focused on potential collaboration between DMCC and BDB.
During the tour of BDB’s facilities, Bin Sulayem met with key stakeholders to discuss collaboration opportunities. He also extended an invitation to BDB and the Gem & Jewellery Export Promotion Council (GJEPC) for the upcoming Kimberley Process (KP) Plenary meeting and Diamond Conference in November 2024.
Banking Reforms and Infrastructure Admiration
Anoop Mehta, President of BDB, emphasized the need for banking reforms, noting challenges faced by diamond traders in Dubai regarding account management. Bin Sulayem noted BDB’s infrastructure and its role in the global diamond supply chain.
“Bharat Diamond Bourse is a testament to India’s significant contribution to the diamond industry. Our visit here reaffirms our commitment to strengthening partnerships and creating synergies that benefit the global diamond trade,” stated Bin Sulayem.
Technological and Sustainable Advancements
Mehul Shah, Vice President of BDB, outlined the bourse’s technology, security, and sustainability practices. BDB leadership reiterated their commitment to working with DMCC to support the global diamond market.
“We are honoured to welcome H.E. Ahmed Bin Sulayem and his team to Bharat Diamond Bourse. This visit is an important step towards strengthening ties and exploring collaborative opportunities,” said Shah.
The visit ended with a tour of BDB’s trading floor, where Bin Sulayem and his team observed the trading activities.
Implications for the Jewellery Industry
This visit underscores the ongoing commitment of BDB and DMCC to support and enhance the global diamond trade. For professional jewellers, these collaborations aim to create a more integrated supply chain, potentially easing logistical challenges and fostering sustainability. Additionally, the emphasis on banking reforms and technological advancements could signal upcoming improvements in financial operations and trade efficiencies for jewellers worldwide.
