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Trading Diamonds in the Middle East

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Dubai: open economy. No income or corporate tax, no VAT ... Concluding: Dubai completes. Prime source for rough and polished diamonds ... – PowerPoint PPT presentation

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Title: Trading Diamonds in the Middle East


1
Trading Diamonds in the Middle East
  • Youri Steverlynck
  • CEO Dubai Diamond Exchange

2
Diamonds the Middle East
  • The Middle East Market
  • 9/11, changes opportunities
  • Trading diamonds in Dubai
  • Regulations
  • Infrastructure
  • Services

3
The Middle East Market
4
The Middle East market
5
ME Economies at a glance
6
High quality of life
  • One of the highest Purchasing Power per Capita in
    the world
  • Diamond Jewelry Market size US5.1 billion in the
    Gulf Region

7
ME accounts for 8 of global diamond consumption
KSA 1.3 billion Turkey 700
million UAE 650 million Rest ME
300 million Total 2.95 billion
8
9/11, changes opportunities
9
9/11 changed market habits
  • Unease with traveling overseas
  • Need for a one stop shop in the Middle East for
    wholesalers retailers
  • Suppliers forced to move closer to their
    customers

10
No regional diamond hub for ME
Antwerp
New York
Ramat Gan
?
Hong Kong
Mumbai
11
Trading diamonds in Dubai
12
Facts Figures - wholesale trade
  • UAE rough diamond trade reached 3.9 billion in
    2006
  • UAE polished diamond trade touched 3.4 billion
    in 2006
  • Over 300 diamond companies are registered with
    DMCC
  • Variety of specialised service providers

13
Dubai open economy
  • No income or corporate tax, no VAT
  • 100 foreign ownership allowed, i.e. no local
    partner requirement in freezones
  • Free repatriation of capital
  • Business driving regulations

14
Customs Advantages
  • Absence of VAT System
  • Only KP Participant member and the only point of
    entry for Rough Diamonds in the Gulf
  • Exemption of Custom Duties on Rough and Polished
    Diamonds
  • Member of GCC Customs Union

15
MEs relatively closed markets
16
Supporting service economy
  • Shipping Agents
  • Banking
  • Education
  • Certification
  • Security / insurance
  • Manufacturing, sorting, boiling, etc.

17
Dubai, City of Gold
  • City of Gold brand
  • 850 jewelry retail outlets

18
Dubai tourist destination
  • Dubai welcomed 7 million tourists in 2006
  • Tourism is expected to grow to 15 million by 2010

19
Dubai tourist destination
  • 9 out of 10 tourists purchase Jewelry
  • Jewelry Sales in all categories in UAE hit 3
    billion in 2006

20
Almas Tower to open in Dec 2007
  • 64 floor landmark building dedicated to serving
    the diamond trade
  • 400 regional and international diamond companies
  • 2.000 m2 Dubai Diamond Exchange
  • Business center Retail area
  • Currently constructing 48th floor

21
New Dubai Diamond Exchange
22
Concluding Dubai completes
  • Prime source for rough and polished diamonds
  • Competitive business environment allowing to
    optimize group activities
  • Gateway to Middle East market
  • Jewelry retail destination

23
Your Gateway to the Middle East
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