Dubai / WAM
DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has welcomed Lumex to the expanding community of laboratory-grown diamond businesses within the Free Zone.
Lumex is the latest laboratory-grown diamond business to select Dubai and DMCC as the base of its operations in the region.
“Since its inception in 2002, DMCC has attracted, facilitated and promoted diamond trade to, and through Dubai. The emirate is fast becoming the world’s leading diamond trading hub, and DMCC will continue to support the industry through this challenging period,” said Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC.
In 2003, just one year after DMCC was established, the annual total trade of rough and cut natural diamonds was worth AED13.2 billion ($3.6 billion). In 2018, this figure rose to AED 91.8 billion ($25 billion), ranking the emirate among the top three natural diamond trading hubs in the world.
For his part, Vishal Mehta, Co-Founder and CEO of Lumex, stated, “We are proud to be joining DMCC, an entity that has a solid track record of building the natural diamond trade in Dubai. Through their support, we look forward to growing our laboratory-grown diamond operations across the Middle East and beyond.”
DMCC launched the Dubai Diamond Exchange (DDE) in 2004 which has welcomed over 1,000 companies from across the entire diamond supply chain since. In line with recent shifts to the traditional trade, DMCC has also actively sought to attract laboratory-grown diamonds to Dubai. In May 2019, DMCC held the first ever laboratory-grown diamond tender at the DDE, with over 50,000 carats of laboratory-grown diamonds on offer.