In an exclusive with Dr Martin Leake, Special Advisor Precious Stones - DMCC Dubai Diamond Exchange, The New Jeweller bureau gets to know about the importance of Dubai as an ultimate gateway to Trade and he also opines on the significance of this years' Dubai Diamond Conference. Excerpts:

The Dubai Diamond Exchange has in a way re-energised the global diamond industry in the last two years with strategic tieups and record-breaking tenders. Can we say Dubai will become the most important catalyst when it comes to the seamless process of tendering and auctioning of diamonds? What does the future look like?

Dubai is synonymous with ambition, innovation, connectivity and growth, and its strategic location at the crossroads of the world, commercial transparency and ease of doing business make it perfectly positioned to support the entire diamond supply chain. At the world's largest diamond tender facility, the Dubai Diamond Exchange (DDE) is able to bring together more buyers and sellers than anywhere else and create a very efficient marketplace for the benefit of the entire industry. Dubai has long been the primary trading hub in the Middle East and is now the destination of choice for major diamond tenders and auctions.

DMCC has played a pivotal role in bringing Dubai to the forefront of the diamond industry, with the Emirate now on the cusp of being the largest rough diamond trading hub globally. In 2020, the DDE hosted 20 rough and polished diamond tenders, its first emerald tender and the largest rough diamond tender ever to take place in the UAE through Stargems. In 2021, this grew significantly, with the DDE hosting 68 tenders of diamonds and precious stones, with Trans Atlantic Gem Sales selling the most expensive diamond sold on the DDE for USD 5.2M. And 2022 has already kicked off with a great deal of activity and the largest gem quality diamond (1,086ct) sold on the DDE though Koin International!

Dubai has indeed become synonymous with the trade of diamonds, and I am confident that we are building an ecosystem that will grow into the leading diamond trading hub in the world for rough, polished and lab-grown diamonds. We are grateful for all our member companies who help make Dubai such an active business hub

The most important Dubai Diamond Conference is being organised once again after a gap of two years due to COVID-19 restrictions. What is the significance of the conference this year according to you in terms of the theme and the subjects?

The Dubai Diamond Conference takes place every two years, with this year's event timed to take place alongside the Jewellery, Gem and Technology Dubai (JGT Dubai), a new trade show that will bring together leading players from the global jewellery marketplace. Held under the overarching theme of "The Future of Diamonds", the fifth Dubai Diamond Conference will focus on how the diamond industry has changed as a result of the pandemic and what the future may look like. With disruption on multiple fronts, the diamond industry has not only rebounded from the pandemic but has come back with renewed vigour. Meanwhile, consumer preferences continue to evolve and new technologies are giving us a glimpse of what the future of diamond production may look like. As such, it is imperative that industry leaders and experts from across the diamond sector come together to discuss the future of the industry and how we can create a more efficient, fair and transparent marketplace.

Tell us about the importance of world's leading technology companies setting up offices in Dubai. How beneficial will this be for the Dubai diamond sector?

Technology will continue to have a transformative impact and unlock new opportunities for growth in every sector, and the diamond industry is no exception. We are thrilled to have some of the most innovative companies in the diamond industry speaking at this year's DDC, including Synova, which is at the forefront of water jetguided laser technology, and Sarine, which is pioneering the development of a range of technologies including planning, analysis and mapping of rough diamonds, and a complete endto- end solution for diamond traceability.

The diamond industry has a lot to benefit from the widespread adoption of innovative technologies, from increased transparency that bolsters consumer and regulator confidence in the industry, to cost savings brought on by enhancing efficiencies, as well as safer and more accessible trading. In a nutshell, technology and innovation are playing a crucial role in evolving economies around the world. Bringing some of the leading technology companies to the centre of Dubai will further advance the diamond industry in the Emirate and maintain its position as a global trading hub.

Dubai has always led the industry concerning precious metals, diamonds or coloured gemstones sectors. Will Dubai become a game changer for the Lab Grown sector as well. If yes, what is the plan?

The demand for laboratory-grown diamonds is gaining momentum and with technology making it easy to identify and certify them, we see a meaningful but distinct market emerging. While there is certainly an element of competition between natural and laboratory-grown diamonds, they are also two very different propositions. Ultimately, they can complement one another by creating a much larger pool of potential consumers. We believe in a spirit of Co-opetition - cooperating with a competitor to achieve a common goal or get ahead which is to grow the overall size of the Diamond jewellery market.

For these reasons, and in line with our mandate to drive new trade flows through Dubai, DMCC is positioning the Emirate as a hub for both the natural and laboratory-grown diamond trade. We are committed to growing the laboratory-grown diamonds sector in Dubai w h i l s t e n s u r i n g t h a t t h e disclosure, detection and differentiation process is strictly adhered to. In fact, The DDE has hosted lab-grown diamond tenders , and we count multiple lab-grown diamond c o m p a n i e s a m o n g s t o u r member companies.

The global banking and financial sector have not been very inclusive when it comes to diamond financing in the recent past. Will Dubai become a source of 'Financial Availability' for the diamond sector and will Dubai look at housing alternative financial institutions that the industry could benefit from? Your opinion.

Diamond financing is a specialised business but one with significant opportunities for those who understand the industry. At present, financing is increasingly coming directly out of Dubai – with the National Bank of Fujairah and Emirates NBD playing an increasingly important role in the UAE. We understand the critical role of financing in the continued growth of the diamond trade. In fact, DMCC has been collaborating with Emirates NBD since August last year to boost financing available to diamond companies in Dubai. In return Emirates NBD has committed to double the amount of finance available to more clients.

It is encouraging to see that domestic Dubai-based banks are now engaging with financing the industry, and I am confident that this is a trend that is set to grow further in the years ahead. This increased access to finance for diamantaires through Dubai will only add further support to its position as a comprehensive hub for the global diamond industry.

Lastly in not more than three words can you describe the 'Dubai Diamond Industry'?

DMCC's tagline sums up Dubai's diamond industry perfectly: Made For Trade.