Dubai’s DMCC cuts business registration fees for diamond companies by 50%

The Dubai Multi Commodities Centre (DMCC) free zone has slashed its business set-up fees by 50 per cent for all diamond-related companies.

The measures were announced on August 1, effective immediately and valid until September 30, 2020, as part of a new campaign to attract diamond companies to the emirate, said a statement by the Dubai Media Office.

Also, DMCC will offer a free 12-month membership of the Dubai Diamond Exchange (DDE), a community of over 1,000 diamond companies in Dubai, to diamond firms that register in the free zone.

“Right across the supply chain, the diamond industry is passing through a period of turbulence. For many, the change that will follow is seen as an unpredictable threat. But for Dubai, it is an opportunity,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC.

.@DMCCAuthority: new company registrations will be offered a free 12-month membership of the #Dubai Diamond Exchange (DDE) – a community of over 1000 leading diamond companies in Dubai.https://t.co/SDtT7C5qXH pic.twitter.com/nZ38jA2dqn

— Dubai Media Office (@DXBMediaOffice) August 1, 2020

“By reducing the cost of setting up in DMCC by record levels, we hope to remove barriers to entry and supply the type of support required by business during challenging times,” added Ahmed Bin Sulayem.

In 2003, the total value of rough and polished diamonds traded in the emirate was Dhs13.2bn.

By 2018, that figure has risen nearly 600 per cent to Dhs91.8bn.

DMCC said that it plans to help Dubai become a leading international trade hub for Laboratory Grown Diamonds (LGD) and coloured stones.

Dubai’s highest traded commodity by value in 2019 was gold, jewellery and diamonds, which accounted for Dhs370bn, up 7 per cent over 2018.

Read: Dubai’s non-oil foreign trade rises 6 per cent to Dhs1.37 trillion in 2019

Last year, the emirate’s diamond trade alone accounted for Dhs83.9bn.

“The trade of precious metals and stones is a critical pillar of the nation’s economic diversification agenda. The UAE Ministry of Economy is focused on catalysing a new phase of economic growth and development in the country, and supporting the trade connected to diamonds is a priority. Any initiative that connects the UAE with partners around the world and showcases the exciting business opportunities that exists here is one to be supported,” said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade – UAE Ministry of Economy.

In September 2019, DMCC unveiled its upgraded Dubai Diamond Exchange (DDE) auction facility, the world’s largest diamond trading floor.

Read: Dubai’s DMCC unveils world’s largest diamond trading floor

DDE can host 200 buyers at the same time and can manage multiple tenders simultaneously.

As part of its drive to encourage an exchange of ideas and to facilitate trade, DMCC organised its fourth Dubai Diamond Conference last year that brought together government officials, financiers, retailers and investors.

To mark the launch of the new campaign to spur the diamond trade in Dubai, DMCC also lit up Burj Khalifa with visuals depicting Dubai’s connection with the precious stone.