Few people had heard of DMCC, or Ahmed Sultan Bin Sulayem, when he was appointed to lead the organization and tasked with creating a world-class commodities centre for the Gulf emirate. Eighteen years on as the centre achieves unprecedented growth from a start-up of 28 member companies in 2003 to a world leading free zone in 2020 with over 18,000 member companies from 180 countries. Also as the Executive Chairman of DMCC, Bin Sulayem has played a key role in establishing and positioning DMCC as a major commodities trade hub in the region. Under his leadership, DMCC has introduced a number of value-added products and services; including the establishment of the Dubai Diamond Exchange (DDE), the only diamond exchange in the Arab World affiliated to the World Federation of Diamond Bourses; Dubai Tea Trading Centre (DTTC), which offers a range of value-added facilities to the global tea trade and has contributed to the UAE becoming the world s largest re-exporter of tea. The forward thin
DMCC’s largest-ever tender fetches Dhs321.29m in rough diamond sale
17 Dec 2020 DMCC has been a driving force in establishing the emirate as a hub for diamond trade. DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – announced that it has successfully hosted the largest rough diamond tender ever to take place in the United Arab Emirates (UAE).
A total of 379,912 carats of rough diamonds were sold, valued at $87.47 million (Dhs321.29 million) with 115 winning customers. Over 250 companies participated in the tender and 500 individuals flew into Dubai to take part in the event with delegates from India, Hong Kong, Russia, Israel, Belgium and Lebanon. The record-breaking tender, organised by Stargems DMCC, offered clients the opportunity to bid for rough diamonds from South Africa and Angola over an eight-day period.