DMCC Consolidates its Diamonds, Colored Stones, and Pearl Divisions

The Dubai Multi Commodities Centre said it has integrated its precious gems divisions to “achieve greater working synergies and pursue strategic growth opportunities.”

The activities carried out by DMCC’s Diamonds Division, Coloured Stones & Pearls Division, Dubai Diamond Exchange, Dubai Pearl Exchange, and Dubai Gems Club have been consolidated into a single division for Precious Gems. DMCC said the consolidation will offer more comprehensive services to its members.

“This consolidation of our precious gems operations is a natural step in DMCC’s evolution,” said Ahmed Bin Sulayem, DMCC executive chairman. “Many of our member companies trade across the spectrum of precious gems, and through our new integrated division, we can offer more synergised and personalised services. We are confident that the integrated team will further strengthen the services provided by DMCC.”

Peter Meeus, former executive director for Diamonds, has now been named chairman of the Board of Directors of Dubai Diamond Exchange, which will now consolidate all activities related to diamonds within DMCC. Meeus has been given the mandate to lead certain special projects at the DDE. In addition, he continues to hold the title of the CEO of International Diamond Laboratories, a DMCC initiative for quality diamond certification headquartered in Dubai with representative offices in Mumbai, Antwerp, Saudi Arabia, Turkey, and Italy.

The new Precious Gems division will be headed by Gaiti Rabbani, DMCC executive director, who was previously in charge of DMCC’s Coloured Stones & Pearls Division. Rabbani, who now also holds the positions of chief executive officer for Dubai Pearl Exchange and Dubai Diamond Exchange, will be working closely with Meeus on all matters related to DDE.
In addition, a new Diamond Control Office will be set up in order to regulate and oversee the trade of diamonds and the implementation of the Kimberley Process Certification Scheme. DCO will be spearheaded by Maryam Al Hashemi, who has been heading the Kimberley Process operations at DMCC since 2003.

Since August 2008, all gems divisions of DMCC have been located at Almas Towers. The new division will manage the industry summits for all sectors of precious gems, including the Diamond Summit, World Pearl Forum, and Gem Show.