The world’s flagship Free Zone, Dubai Multi Commodities Centre (DMCC), has signed a Memorandum of Understanding (MoU) with Botswana’s Okavango Diamond Company (ODC) to promote mutual diamond industries and most importantly support the sustainable development of the industry.
The MoU was signed by Ms. Feryal Ahmadi, Chief Operating Officer of DMCC, and Mr. Mmetla Masire, Managing Director of ODC. The signing ceremony took place at Almas Tower, DMCC, in the presence of senior DMCC executives and His Excellency Mokgweetsi Masisi, President of Botswana, along with an accompanying delegation of Ministers.
The agreement will see DMCC host many ODC diamond auctions and viewings at the Dubai Diamond Exchange (DDE). The first auction is taking place this week, from 14th to 19th March 2022.
Both parties have agreed to exchange information, analytical materials and forecasts on the prospects for the development of the global diamond market, while also supporting each other on all aspects relating to the application of the Kimberly Process, an international, multi-stakeholder initiative created to increase transparency and oversight in the diamond industry.
“I was delighted to welcome President Mr. Mokgweetsi Masisi to DMCC, and I look forward to working with the Okavango Diamond Company to promote the development of the global diamond industry. This partnership comes on the back of Dubai being announced as the largest trade hub for rough diamonds in the world, which is a testament to its attractiveness as a business partner and a trade gateway to the world. As one of the world’s largest producers of diamonds, Botswana is a key market for DMCC and its members, and I look forward to a fruitful partnership with the Okavango Diamond Company.”
The UAE and Botswana have long-standing diplomatic and bilateral relations across various sectors. The past ten years have witnessed a rapid increase in trade volume between the UAE and Botswana, with non-oil bilateral trade reaching around $1.3 billion in 2020, compared to just $4.2 million in 2010.
Mr. Masire said that “It is a great honor to be here in Dubai accompanying His Excellency President Mokgweetsi Masisi and H.E. Lefoko Maxwell Moagi, Minister of Mineral Resources, Green Technology & Energy Security, and to be hosted by DMCC, one of the most important institutions in the global diamond industry. I am thrilled that we are strengthening our relationship with DMCC and I am looking forward to working together to support the growth of our respective businesses, and to sharing our knowledge and expertise.”