The Gulf emirate of Dubai has launched the region's first diamond exchange which will start operations in April, the Dubai Metals and Commodities Centre (DMCC) said in a statement.
The launch of the Dubai Diamond Exchange (DDE) coincided with the start here on Tuesday of the two-day annual meetings of the World Diamond Council, it said.
"The launch of the Dubai Diamond Exchange takes us a step closer towards our goal to establish Dubai as an emerging diamond centre of excellence," said Dubai Metals and Commodities Centre chief executive officer Tawfiq Abdullah.
"Dubai's share of the global market continues to grow, and the World Diamond Council meetings. coupled with the launch of the DDE, is set to provide a major impetus to the diamond trade," he said.
The exchange will be housed in temporary facilities until the Almas (which means diamond in Arabic) Tower is specially built as a base for local and international companies expected to establish operations there, Dubai Metals and Commodities Centre said.