Monday 08 August 2022 - 11:30:17 pm

Silicon Valley’s Diamond Foundry sets up in Dubai’s DMCC to expand sales of lab-grown diamonds

DUBAI, 7th December, 2020 (WAM) -- DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has welcomed Silicon Valley’s Diamond Foundry as the latest member to join its growing community of laboratory-grown diamond, LGD, companies.

To mark the occasion, a ribbon-cutting ceremony was held at Almas Tower on Wednesday, 25th November, 2020.

Using their high-density plasma reactor, Diamond Foundry produce LGDs of quality-levels unseen in mining and are the fastest scaling diamond grower in the world. The company is also the first zero-carbon-footprint producer of diamonds, and certified so, with all their LGDs created sustainably using hydropower. Their LGDs are used in both diamond jewellery and technological applications.

Founded by world-renowned entrepreneurs Martin Roscheisen and Jeremy Scholz in San Francisco, Diamond Foundry has chosen the DMCC as their international base for sales and distribution given Dubai’s connectivity with the world’s most important diamond centres and the ease of setting up a business in the DMCC.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, "Dubai has become synonymous with innovation and disruption, and having a disruptive company like Diamond Foundry base their international operations in our Free Zone is a clear testament to that."

In line with its mandate to attract, facilitate and drive new trade flows through Dubai, DMCC is positioning the emirate as a hub for the natural and laboratory-grown diamond trade. In 2003, the total value of rough and polished diamonds traded in the emirate was AED13.2 billion (US$3.6 billion), a figure that rose significantly in 2019 to AED84 billion ($23 billion). Diamond Foundry is among several LGD companies who have chosen to set up in DMCC’s business district, including integrated LGD firm Lumex.

The announcement follows the official opening of a DMCC representative office in Ramat Gan, Tel Aviv, Israel, in November 2020.

Toby Cruse, Vice President Global Sales, Diamond Foundry, said, "Dubai is a strategically important location for us, providing us direct access to some of the world’s most important diamond markets such as India, Israel and Europe. With their expertise in the sector and a seamless business set-up process, the logical choice for our international office was DMCC, where we look forward to continuing our growth."

DMCC launched the Dubai Diamond Exchange (DDE) in 2004, which has welcomed over 1,000 companies from across the entire diamond supply chain since. In May 2019, DMCC held the first-ever laboratory-grown diamond tender at the DDE, with over 50,000 carats of laboratory-grown diamonds on offer.

WAM/Tariq alfaham