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UAE’s Ministry of Economy, DMCC Sign Pact to Supervise Rough Trade

January 2, 2016

The Ministry of Economy of the United Arab Emirates (UAE) and the Dubai Multi-Commodities Centre (DMCC) have agreed to enhance coordination so that the supervision of the country’s rough diamond trade will be in line with the Kimberley Process (KP) Certification Scheme, Emirates News Agency reported December 28.

The two parties have signed a memorandum of understanding as the UAE is about to take chairmanship of the KP on January 1, 2016.

The agreement mandates the two sides to form a Kimberley Process Committee to deal with the procedures required by the KP, to develop new programs related to the scheme and to find solutions to obstacles, the news agency reported. The agreement was signed by Abdullah bin Ahmed Al Saleh, under-secretary of the Ministry of Economy for Foreign Trade and Industry, and Ahmed bin Sulayem, executive chairman of the DMCC and the 2016 Kimberley Process chair.

The memorandum is part of a joint effort between the ministry and the DMCC to ensure “optimal continuous implementation” of the KP Certification Scheme, which aims to keep diamonds used to finance civil war out of the global trade.

 

Source: Rapaport

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