DMCC hosts synthetic diamond seminar to promote industry awareness on synthetic diamonds

The Dubai Multi Commodities Centre DMCC, the region’s leading commodities authority, hosted a seminar at the Dubai Diamond Exchange DDE today to further promote industry awareness of synthetic diamonds.

The seminar was organised to highlight the importance of transparency and responsible trading following the submission of 600 undisclosed colourless Chemical Vapour Deposition CVD synthetic diamonds at the IGI-Antwerp laboratory in May 2012. Conducted by Marc Brauner, Co-CEO of IGI Worldwide, the session focussed on colourless and near colourless CVD stones, and the measures that industry members should take to intercept undisclosed synthetic diamonds.

Peter Meeus, Chairman, DDE, said: “Consumers are becoming more and more aware and educated about diamonds and it is important that they are given full disclosure on the nature of the diamonds offered for sale. The specialised seminars that IGI and other international labs are organising for the trade are essential tools to allow retailers to become more acquainted with the latest information on synthetic and treated diamonds.

“Supporting one of the largest diamond centres in the world, DDE is committed to continuing to add value to the global diamond trade by providing regional participants a platform from which they can discuss, deliberate and learn of the latest industry issues and trends."

Marc Brauner, Co-CEO of IGI Worldwide, commented: “IGI conducted this seminar at the Dubai Diamond Exchange in response to the recent undisclosed submissions of colourless CVD synthetic diamonds to the IGI laboratories as well as other labs. The session was designed for industry members to share the most recent information regarding synthetics, in particular colourless and near colourless CVD diamonds, and look at measures that could be considered to tackle undisclosed submissions.

“The Middle Eastern diamond, gem and jewellery markets are playing an increasingly important role globally, and the DMCC-IGI cooperation is one of many examples demonstrating this growth.”

The Dubai Diamond Exchange is based in Almas Tower, Jumeirah Lakes Towers, and is one of the world’s largest diamond trading platforms. In 2011, US$39 billion diamonds traded through Dubai, an increase of 11.5% from the previous year.