The DMCC Diamond Hub
The DMCC free zone promises a premier selection of services and infrastructure for companies operating in the diamond and gemstone industries. As you search for the best possible base for your operations, allow us to make a compelling case for incorporation at DMCC Dubai. Willing to be convinced? Keep reading and we’ll give you an overview of the very many advantages of the free zone.
What is the DMCC
The Dubai Multi Commodity Centre, or DMCC for short, has a storied history in the commodities trade. Indeed, according to Reuters, the UAE is the world’s top trading hub for rough diamonds. The rough diamond trade has grown 76% in the country since 2015 and rocketed an impressive 86% between 2020 and 2021. And all of this is thanks to the advantages of the DMCC Diamond Hub, also known as the Dubai Diamond Exchange (DDE).
If you incorporate your company as part of the DMCC free zone, you can acquire a DMCC licence, which is for corporate activities related to commodities and other associated trades and services. The free zone holds a Standard & Poor’s ‘A’ rating. As part of the world-class infrastructure on offer is the Dubai Diamond Exchange. This prestigious diamond trading centre is housed in Almas Tower, part of the Jumeirah Lakes Towers, in the heart of Dubai. With popular bars and restaurants all around, this base enables you to enjoy the best of the UAE lifestyle.
DMCC, The Diamond Hub
Dubai has become the third-largest diamond centre in the world in just fifteen years. The secret to its success? In the words of the DDE,
we designed an environment that is safe, business-friendly, and that conveniently links producing and consuming markets.
The DDE boasts premier infrastructure in Almas Tower. The trading hall has a total of 41 viewing stations and capacity for over 200 buyers at one time. The tender, storage and vault facilities have recently undergone a state-of-the-art refit and there’s natural and artificial light. Diamond companies and any other business operating in the world of precious stones registered as part of the DMCC free zone can benefit from these industry-specific and world-class facilities.
Fancy taking a look around? Watch this video:
Dubai Diamond Exchange - World's Largest Diamond Trading Floor from DMCC on Vimeo.
The Kimberley Process and DMCC Diamond Companies
he UAE was the first Arab country to become a Kimberley Process (KP) signatory in 2003, three years after the process came into effect in 2000. What is the KP exactly? It’s a process produced in collaboration with the United Nations, civil society organisations and the global diamond industry to reduce the flow of conflict diamonds. The idea is to give consumers peace of mind that the diamonds did not play a role in financing human rights abuses or wars.
What does this mean for you? The Ministry of Economy in the UAE is in charge of overseeing the Kimberley Process. It has authorised the DDE as the only point of entry and exit for rough diamonds in the country, making it the place to be if you’re involved in rough diamonds.
Other Advantages
The diamond trade in the UAE was worth $19.8 billion in the first half of 2022. And if that weren’t enough to convince you, the DMCC is also offering a host of attractive incentives for firms looking to set up their diamond brokerage and consultancy businesses in the UAE.
Beyond the services of the DDE, diamond companies benefit from 100% ownership of their companies. Companies can operate as a new company, brand, subsidiary or representative office. Shareholders, directors and employees can gain residency visas. You can enjoy a guaranteed 50-year tax holiday on personal and income taxes. And you can access low energy tariffs and a highly skilled pool of workers.
Reap the Rewards of the DMCC
Europe Emirates Group is on hand to assist you in setting up your company in the DMCC free zone. If you require any more information or are ready to get going, get in touch today. Our consultants will be delighted to guide you through the process.
Written by
Adrian Oton
CEO, Europe Emirates Group