Dubai Signs MoU

DDE-DMCC-DUAL-LOGOAbu Dhabi: The Ministry of Economy, MoE, and the Dubai Multi-Commodities Centre, DMCC, have signed a Memorandum of Understanding, MoU, to support and enhance cooperation and coordination between the two sides concerning the supervision of import, export and transit of rough diamonds to and from the country, in line with the Kimberly Process Certification Scheme on the international trade of rough diamonds and in accordance with European Union Law, reports WAM – Emirates News Agency.

The MoU is part of joints efforts by the MoE and DMCC to ensure the optimal continuous implementation of the Kimberly Process Certification Scheme concerning international trade of rough diamonds, under which official certificates are issued confirming that the exported rough diamonds are not linked with conflicts or wars to ensure legitimate trade of diamonds.

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 DMCC and the 2016 Kimberly Process Chair, in the presence of Juma Al Kait, Assistant Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, Hind Al Youha, Director of the Foreign Trade Policies at the Ministry of Economy, Maryam Al Hashemi, Director of the UAE Kimberly Process Offices, and a number of heads of departments and officials from both sides.

DMCC is the entry and exit point for importing and exporting rough diamonds to and from the UAE, and established the UAE Kimberly Process Office in 2003.

According to the MoU, DMCC will be entrusted by the ministry to issue Kimberly Process certificates in accordance with the provisions of EU law and in consistence with the Kimberly Process Certification Scheme.

The ministry will issue necessary regulations and resolutions to implement the Kimberly Process in line with national and international development in this field.

The two sides will also employ their expertise and technical and logistic capabilities to implement any initiatives, programmes and activities that serve to promote the diamond industry in the UAE in line with the best international practices.

According to the Memorandum, the two sides will form a Kimberly Process Committee to follow up on the mechanisms and procedures required, to plan and develop new programmes related to the process, and find appropriate solutions to any obstacles facing the implementation of the agreement.