Dubai to Host Diamond and Jewelry Summit

The Dubai Multi Commodities Centre will host the first Dubai Diamond and Jewellery Summit, with the objective of providing the international jewelry trade with a forum to initiate relationships in the Middle. The two-day event will focus on Middle East-China diamond and jewelry trade. It will be held Nov. 8 and 9 at the Atlantis Hotel, Palm Jumeirah.

The summit builds on a visit to China by HH Sheikh Mohammed bin Rashid Al Maktoum, vice President and prime minister of the United Arab Emirates and ruler of Dubai.

The event is an attempt to reinforce ongoing efforts to strengthen trade relations between both countries, DMCC said in a statement. It also follows two strategic agreements signed earlier this year by DMCC with the government of Panyu, China, and with the Gems & Jewellery Trade Association of China, for increased cooperation towards mutual growth and promotion of diamond and jewellery trade.

Diamond trade in the UAE alone witnessed record growth in 2007, eclipsing $10 billion. Dubai’s rough diamond trade alone witnessed a 32 percent growth in the first quarter of 2008, with a total of $ 1.5 billion while polished diamond trade reached $2.7 billion. The Chinese jewelry industry has also achieved record sales in 2007, with a growth of 11 percent more than $26 billion.

“Emerging economies such as the UAE, Saudi Arabia, Turkey, and Egypt are all set to become the center of the fast-growing jewelry business in the next three years, with Dubai being the natural gateway for the wider region,” said Ahmed Bin Sulayem, DMCC executive chairman. “In fact, the UAE and Hong Kong are among the prominent markets experiencing exponential growth. This summit will focus on the growing business potential between China and the Middle East, two major global trading blocs.”