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RAPAPORT... The Dubai Diamond Exchange (DDE) appointed Dr. Robert Mhlanga, the chairman of Mbada Diamonds, to its board. This new appointment follows two additional appointees in 2013 when the DDE added Francis Pedzana Gudyanga, Zimbabwe's permanent secretary of Mines and Mining Development, and Levy Rapoo, the CEO of the South African Diamond and Precious Metals Regulator (SADPMR) to its board. Peter Meeus, the chairman of DDE's board, said, “The prominence of high-profile industry executives on the DDE’s board of directors reflects our truly global status in the diamond trade.” Mbada Diamonds is a joint venture between Zimbabwe Mining Development Corporation (ZMDC) through Marange Resources and New Reclamation Group through Grandwell Holdings. The U.S. lists Mbada Diamonds, ZMDC and Marange Resources on its Office of Foreign Assets Control (OFAC) list, meaning transacting business is forbidden with those firms. DDE stated that Mbada Diamonds has produced 22.4 million carats of rough diamonds to date and recorded revenue of more than $1 billion.
Ahmed Bin Sulayem, the executive chairman of the Dubai Multi-Commodities Centre (DMCC), said, "The Dubai Diamond Exchange has gained global recognition and is currently ranked among the world's top three market places for rough diamonds. With prominent industry executives on the board of directors, we are confident of enhancing Dubai's strength as an attractive diamond-trading hub. “We are well positioned to cater for those producing countries in Africa to trade through to the consuming countries in Asia along what we call the New Silk Route. We are delighted to have Dr. Mhlanga on our board, bringing his experience and depth of knowledge to our exchange,” Sulayem said.
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