UAE diamond industry briefed on UN-endorsed Kimberley Process
The Dubai Metals and Commodities Center (DMCC) has held an event for senior executives within the diamond industry as well as government officials in the United Arab Emirates (UAE) to brief them on the Kimberley Process.
The Kimberley Process is an international certification scheme for rough diamonds, which was devised to address humanitarian concerns surrounding the trade in these goods. Chaired by South Africa the Kimberley Process had its origins in the decision of Southern African countries to take action to stop the flow of "conflict" diamonds to the markets, while at the same time protecting the legitimate diamond industry.
"The Kimberley Process has been officially endorsed by the United Nations and has become a vital element in the diamond business worldwide," says Tawfique Abdullah, DMCC CEO. "It is extremely important that all those involved in the industry in the UAE are fully informed about its scope and influence and this is why DMCC has hosted this event. We at the DMCC are committed to providing the diamond industry with access to world class facilities and support and this event is further proof of our delivery on this commitment."
The Kimberley Process involves more than 30 governments, the European Community, the diamond industry and civil society and has been establishing minimum acceptable international standards for national certification schemes relating to trade in rough diamonds.
It is hoped that the certification scheme will stem the flow of rough diamonds from rebel-held conflict areas, in support of the existing UN Security Council sanctions, thereby contributing substantially to peace efforts.
The DMCC was established in April 2002. DMCC provides facilities for trading in gold, diamonds and key commodities. The new center will be a free zone offering 100 percent ownership and a 50 year tax holiday to resident companies. The facility will offer a full service
to those organizations involved in gold trading with physical trading facilities, storage, hallmarking/assaying as well as package and delivery facilities available on-site. Three refineries will also be housed within the complex.
Trading facilities, a convention center, a training center and a gems lab will be available to DMCC resident companies in the diamond trade while the commodities industry will be provided with world-class trading, storage and logistics facilities. — (menareport.com)
© 2002 Mena Report (www.menareport.com)