RAPAPORT… The Dubai Multi Commodities Centre (DMCC) has signed an agreement with Botswana’s Okavango Diamond Company to cross-promote the industry through various business endeavors.
Under the partnership, Okavango will hold diamond auctions and viewings at the Dubai Diamond Exchange (DDE), which is part of the DMCC. They will also exchange information, analytical materials and forecasts on the development of the global diamond market. The parties will work together on applying the Kimberley Process (KP), the DMCC added Tuesday.
“I look forward to working with the Okavango Diamond Company to promote the development of the global diamond industry,” said DMCC chief operating officer Feryal Ahmadi. “As one of the world’s largest producers of diamonds, Botswana is a key market for DMCC and its members.”
The agreement is the most recent in a line of ventures on which the United Arab Emirates (UAE) and Botswana have partnered. The two have worked together for the past decade on other projects, with non-oil bilateral trade between the UAE and Botswana reaching approximately $1.3 billion in 2020, up from $4.2 million in 2010.
Image: The signing of the agreement. (DMCC)
Dubai Partners with Botswana to Promote Diamonds
The Bottom Line
- DMCC and Okavango Diamond Company signed an agreement to jointly promote the diamond industry via auctions and viewings at the Dubai Diamond Exchange.
- The partnership includes exchanging market data, forecasts, and cooperation on implementing the Kimberley Process.
- This agreement builds on a decade of growing trade relations between the UAE and Botswana, with non-oil trade reaching $1.3 billion in 2020.
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