DUBAI, 5 July 2006 — Dubai Gems Club (DGC), the region’s exclusive trading platform dedicated to gemstones, saw its first transactions with about 30,000 carats of rough diamonds worth $2.3 million being sold.
Dubai Multi Commodities Center (DMCC), the parent of DGC, said the sale was completed by ALROSA, Russia’s largest diamond company engaged in the exploration, mining, manufacture and sale of diamonds and one of the world’s major rough diamond producers. ALROSA is the second largest diamond trading company in the world and is second only to DeBeers. ALROSA is also responsible for mining the rough diamonds for the Dubai Cut, the unique 99-faceted cut of diamond unveiled by DMCC late last year.
ALROSA’s move to the DMCC is the practical outcome of high level contacts between the top management of this company and the administration of the DMCC in December of 2005.
ALROSA also announced that it had formed a DMCC subsidiary — Arcos East DMCC. Headed by Sergey Panchekhin, managing director of Arcos East DMCC, the company will be headquartered in Dubai and will launch operations in early July.
Ahmed ibn Sulayem, chief operating officer, DMCC said: “We’re extremely pleased to announce that these first sales through Dubai Gems Club have been conducted by ALROSA. These transactions prove the market requirement for a platform such as the Dubai Gems Club. The sale, and ALROSA setting up a subsidiary office at DMCC, is a huge vote of confidence for us.”
