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DMCC and ODC sign MoU to promote diamond trade

The two parties will work together to promote the diamond industries in the UAE and Botswana. (Image source: Adobe Stock)

The Dubai Multi Commodities Centre (DMCC) has signed a memorandum of understanding (MoU) with Botswana diamond marketing organisation Okavango Diamond Company (ODC)

As reported in TradeArabia, Under the terms of the MoU, the two parties will work together to promote the diamond industries in the UAE and Botswana and to support the sustainable development of the industry. They will exchange information, analytical materials and forecasts on the prospects for the development of the global diamond market, while also supporting each other on all aspects relating to the application of the Kimberley Process.

The MoU was signed by DMCC COO Feryal Ahmadi and ODC MD Mmetla Masire. The signing ceremony took place at the DMCC in the Almas Tower, Dubai on 14 March in the presence of senior DMCC executives and Botswana President Mokgweetsi Masisi, along with a delegation of ministers. The MoU will see the DMCC host many ODC diamond auctions and viewings at the Dubai Diamond Exchange. The first auction is currently under way and will end on March 19.

Over the past 10 years, there has been a rapid increase in trade volume between the UAE and Botswana, with non-oil bilateral trade having reached about US$1.3bn in 2020 as compared to US$4.2mn in 2010.

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