Aug 03, 2020

DMCC Invites Diamond Firms; Slashes set-up Fees by 50%

DMCC, the world's flagship free zone and Government of Dubai Authority on commodities trade and enterprise, announced on 1st August, the launch of its latest discount campaign to encourage international diamond companies to set up operations in Dubai. Effective immediately and valid until 30th September, 2020, DMCC has reduced its business set-up fees by 50% for all diamond-connected companies.

In addition, DMCC announced that new company registrations will be offered a free 12-month membership of the Dubai Diamond Exchange (DDE), which has 1,000 leading diamond companies enlisted in Dubai. To mark the campaign launch, DMCC lit up the iconic Burj Khalifa, the world's tallest building, with a breathtaking visual display in celebration of Dubai's remarkable diamond story.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade - UAE Ministry of Economy, said, “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. DMCC should be commended for their work in this space and ambitious vision for commodities."

"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. Adaptability is the cornerstone of the emirate's approach to business, and with this display on the iconic Burj Khalifa we hope to not only showcase our connection to diamonds but offer a sense of optimism, direction and leadership to the entire precious stones industry," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

"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. Dubai is the future of diamonds, and we invite the world to join us in writing the next chapters of its remarkable story with the special stone," he added.

Caption: DMCC’s visual display highlighting diamonds on the Burj Khalifa.

Credit: © DMCC