US-based Diamond Foundry has been welcomed by the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, Dubai Multi Commodities Centre (DMCC) to join its growing community of laboratory-grown diamond (LGD) companies.
The diamond producer company has chosen DMCC as its global sales and distribution base, given the connectivity of Dubai with the world’s most significant diamond centers and the ease of setting up a business in DMCC. Diamond Foundry is one of the popular LGD firms that have chosen to locate themselves in the business district of DMCC, including Lumex, an integrated LGD company.
Diamond Foundry manufactures LGDs of consistency standards unprecedented in mining using their high-density plasma reactor and is the world’s fastest-scaling diamond producer. The company is also the first zero-carbon diamond footprint producer and certified, with all of its LGDs made sustainably using hydropower. Their LDGs are used both in diamond jewelry and technology applications.
“Dubai has become synonymous with innovation and disruption and having a disruptive company like Diamond Foundry base their international operations in our Free Zone is a clear testament to that. Attracting businesses that are revolutionizing the diamond sector is proof that we have successfully built an enabling ecosystem for the entire trade – natural and laboratory-grown. For businesses seeking to expand and thrive, Dubai and DMCC are the right choices. With technology at our fingertips, we look forward to shaping the next chapter of growth for the diamond trade, together with our partners and members.”
DMCC is positioning the emirate as a center for the natural and laboratory-grown diamond trade, in line with its mandate to attract, promote, and push new trade flows through Dubai. The total value of raw and polished diamonds traded in the emirate was $3.6 billion (AED 13.2 billion) in 2003, a figure which increased significantly to $23 billion (AED 84 billion) in 2019.
The announcement follows the opening of a representative office of the DMCC in Tel Aviv, Israel. The new office which is located at the Israeli Diamond Exchange (IDE) headquarters, is expected to significantly improve diamond trade between Dubai and Israel and help Israeli companies from all sectors and industries interested in establishing a presence in Dubai.
Toby Cruse, Vice President Global Sales, Diamond Foundry said, “Dubai is a strategically important location for us, providing us direct access to some of the world’s most important diamond markets such as India, Israel, and Europe. With their expertise in the sector and a seamless business setup process, the logical choice for our international office was DMCC, where we look forward to continuing our growth.”
Dubai Diamond Exchange (DDE)
The Dubai Diamond Exchange (DDE) was founded in 2004 by DMCC, which has since accepted over 1,000 companies from across the entire diamond supply chain. Today, the DDE is the world’s largest diamond tender facility. The DMCC has also been actively seeking to attract laboratory-grown diamonds to Dubai in line with the increasing market interest in the field. Last year, DMCC held the first-ever laboratory-grown diamond tender at the DDE with over 50,000 carats of laboratory-grown diamonds on sale.