The DMCC, the Dubai Multi Commodities Centre, is home to Dubai’s diamond exchange. The center was established in 2002 by the Dubai government to promote trade in gold, precious metals, diamonds, gemstones, and staple goods. In doing so, Dubai created a tool that helped turn it into an international trade center and a launching pad for trade activity in the Middle East.
The DMCC was established as part of the “New Dubai” project, an initiative of the crown prince Sheikh Mohammad Bin Rashid el-Maktum designed to bring order to Dubai’s business management. Two centers were founded, the Dubai International Financial Center and the Dubai Multi Commodities Centre.
The DMCC is a free trade zone that allows 100% foreign ownership, a 50-year exemption from corporate tax, income tax, and tariffs; and permits foreign traders to return to their home countries with unlimited capital, profits, and currency.
In March 2003, the DMCC launched Dubai’s diamond exchange, the first on in the DDE. In 2004 the exchange was admitted into the World Federation of Diamond Bourses.
Courtesy of Talking Diamonds: A Lexicon of Diamond World Technology by Shalom Lissitzky
