From Oil to Diamonds: The Story of the Dubai Diamond Exchange
The Dubai Diamond Exchange (DDE), a Dubai Multi Commodities Centre (DMCC) platform, was established in 2002 by the Government of Dubai. Today, according to its website, the DDE is officially recognized as the largest Free Zone in the United Arab Emirates, with over “10,000 registered companies under license.” In addition to diamonds, gold is a prominent contributor to the UAE’s gross domestic product.
The DDE is the only trading platform in the area to trade in diamond and colored stones. It is affiliated with the World Federation of Diamond Bourses (WFDB). The Chairman of the DMCC is Ahmed Bin Sulayem, who also serves as the Kimberley Process Chair for 2016.
The UAE became the first Arab nation to join the Kimberley Process in 2003. Since then, the Dubai diamond trade, under the support of the Dubai Diamond Exchange and DMCC, has grown at a significant rate.