Financial Daily from THE HINDU group of publications
Wednesday, Jan 21, 2004

Cross Currency

Group Sites

Industry & Economy - Gems & Jewellery

Dubai to host World Diamond Council meet

Vimala Vasan

Abu Dhabi , Jan. 20

The third annual meeting of the World Diamond Council will be held in Dubai in late March. It will be hosted by the Dubai Metals and Commodities Centre (DMCC).

About 60 delegates, including Mr Eli Izhakoff, Chairman and CEO of the World Diamond Council (WDC), Mr Nicky Oppenheimer, Chairman of DeBeers Group of Companies, as well as high-ranking Government officials and representatives from various countries are expected to participate, according to a statement made available to Business Line.

Mr Tawfique Abdullah, CEO of DMCC said: "DMCC views this as an opportunity to showcase Dubai to the diamond industry and to these highly influential, global market participants. The WDC meeting is an important event for the diamond industry. "This gathering is the most important meeting of its kind to ever take place in West Asia. In our role as industry facilitator and regulator, we are proud to host this event in Dubai."

The WDC has stated its support for DMCC's efforts to develop the diamond industry in the region. Dubai, as the future international hub of note for the manufacture and trade of rough and polished diamonds, will be on the agenda of discussions at the meetings.

The DMCC was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity market. It provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serving the needs of participants in the gold, diamonds and commodities markets.

Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment. The WDC was created three years ago amid growing concern over human rights violations and atrocities committed against innocent victims in diamond producing countries of war-torn northern Africa.

During a meeting between the World Federation of Diamond Bourses and the International Diamond Manufacturers Association in Antwerp in July 2000, a resolution was passed creating the WDC. Their responsibility is to oversee the export and import of rough diamonds to prevent their exploitation for illicit purposes such as war and inhumane acts.

More Stories on : Gems & Jewellery

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
DSP Merrill raises GDP estimate

NCAER raises GDP forecast to 8 pc
BRIC report: Many ifs and buts qualify forecast
Kerala business meet to focus on manufacturing sector
CAG to visit Hyderabad today
PM for making North-East as bridge to SE Asia
New York's ICSC setting up shop in India
`Trade barriers in developing nations must be lowered'
Andropause worries dog Delhi males
NRI doctors to help conduct medical camps
Esperion drug for heart syndrome soon
Rs 150-crore pharma fund fails to impress industry
Foundry units in tight spot over rise in pig iron prices
FKCCI calls for educating industry on VAT
Excise exemption for in-house consumed yarns, fabrics
Broadcasters want market to decide channel prices, ads
Dubai to host World Diamond Council meet
Chamber to help investors set up units in Korba district
Plea for passport office in Mangalore
Biotech research school coming up in rural Maharashtra
Kerala and the World Social Forum
Workshop on `family business' in Kochi
Defence equipment export potential seen at Rs 20,000 cr
Rice for drought-hit dists in Kerala
I-T official held for graft

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line