DMCC welcomed Silicon Valley’s Diamond Foundry as the latest member to join its growing community of laboratory-grown diamond (LGD) companies.
Using their high-density plasma reactor, Diamond Foundry produce LGDs of quality levels unseen in mining and are the fastest scaling diamond grower in the world. The company is also the first zero-carbon-footprint producer of diamonds, and certified so, with all their LGDs created sustainably using hydropower. Their LGDs are used in both diamond jewellery and technological applications.
Founded by world-renowned entrepreneurs Martin Roscheisen and Jeremy Scholz in San Francisco, Diamond Foundry have chosen DMCC as their international base for sales and distribution given Dubai’s connectivity with the world’s most important diamond centres and the ease of setting up a business in DMCC.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Dubai has become synonymous with innovation and disruption, and having a disruptive company like Diamond Foundry base their international operations in our Free Zone is a clear testament to that. Attracting businesses that are revolutionising the diamond sector is proof that we have successfully built an enabling ecosystem for the entire trade – natural and laboratory-grown.”
In 2003, the total value of rough and polished diamonds traded in the emirate was AED 13.2 billion ($3.6 billion), a figure that rose significantly in 2019 to AED 84 billion ($23 billion).
Toby Cruse, Vice President Global Sales, Diamond Foundry, said: “Dubai is a strategically important location for us, providing us direct access to some of the world’s most important diamond markets such as India, Israel and Europe. With their expertise in the sector and a seamless business setup process, the logical choice for our international office was DMCC, where we look forward to continuing our growth.”
Diamond Foundry is among several LGD companies who have chosen to set up in DMCC’s business district, including integrated LGD firm Lumex.
Caption: Ahmed Bin Sulayem and Toby Cruse at the ribbon-cutting ceremony held in Almas Tower to mark the occasion. Courtesy DMCC