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DDE Installs Synthetic Diamond Detector

Feb 19, 2014 6:17 AM   By DMCC
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Press Release: The Dubai Diamond Exchange (DDE), a subsidiary of DMCC, has received the latest technology in detection of synthetic diamonds from the Gemological Institute of America (GIA). DiamondCheck™ operates with GIA-developed software to identify natural, untreated diamonds in the D to N range and refer diamonds that are potentially synthetic or treated for further gemological examination.

GIA is an independent non-profit organization dedicated to ensuring the public’s trust in gem and jewelry purchases through education, research and laboratory services. The Institute has provided the machine to the DDE which, in turn, has made it available to members free of charge. When used accurately, the machine will refer 100 percent of all colorless synthetic diamonds in the D to N range for further testing. The accuracy of this equipment is a critical factor in maintaining confidence in the trade and ensuring proper disclosure of the origin of stones being transacted through Dubai.

Ahmed Bin Sulayem, the executive chairman of DMCC, said, “DMCC continues to provide our member companies and market participants with the appropriate products and services they require to succeed. We always look at ways of enhancing global responsible supply chain management and GIA’s new synthetic diamond detector will add further transparency and clarity to enable the industry to trade with confidence through the Emirate. We welcome GIA’s latest equipment and technology to the Dubai Diamond Exchange here at Almas Tower, the world’s tallest diamond tower.”

GIA's president and CEO, Susan Jacques, its executive vice president and chief laboratory and research officer, Tom Moses, and its managing director of India and the Middle East, Nirupa Bhatt, came to Dubai to formally hand over the machine to DMCC and Peter Meeus, the chairman of the Dubai Diamond Exchange (DDE). Gautam Sashittal, the CEO of DMCC, and members of the DDE board were also present for the occasion. 

Jacques said,  “Our goal is to provide members of the industry with the tools to help ensure consumer confidence. We are pleased to be in Dubai, one of the world’s leading diamond centers and look forward to collaborating with the DDE and DMCC.”

GIA provided these machines to several of the World Federation of Diamond Bourses (WFDB) in an effort by the WFDB to further enforce a “zero tolerance” policy for non-disclosure of synthetic stones.

About DMCC
DMCC is a strategic initiative of the government of Dubai and was established in 2002 with a mandate to provide the physical, market and financial infrastructure required to set up a commodities market place in Dubai. The center attracts key players throughout the entire value chain of a wide range of commodities sectors, together with relevant support industries such as finance, logistics and insurance. DMCC has established a robust infrastructure, including free zone status, trade networking platforms, secure vaults and purpose-built storage facilities. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including 50-year guaranteed 0 percent corporate and personal income tax, 100 percent business ownership, full ownership of business premises and a secure regulated environment. DMCC has also implemented a dedicated compliance policy in the organization, which is in line with the compliance related laws and regulations of the UAE federal government and the competent international bodies. DMCC owns three fully operational towers, which host the majority of the physical, market and financial infrastructure including the Jewellery & Gemplex facility, the specialized diamond and pearl exchanges and gold vault. 

Rapaport News is not responsible for, and does not endorse, the content of any third-party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.
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