The new lab, set to open in mid-2023, will be based out of two floors in Uptown Tower as part of a nine-year deal
The Gemological Institute of America (GIA), the foremost authority on diamonds, coloured stones and pearls, will set up a laboratory in the Dubai Multi Commodities Centre (DMCC).
According to the Dubai Media Office, the new lab, set to open in mid-2023, will be based out of two floors in Uptown Tower as part of a nine-year deal.
It will occupy over 41,000 square feet, and would see up to 500 skilled new jobs created in DMCC’s business district.
Ahmed bin Sulayem, executive chairman and CEO of DMCC, said, “We are immensely proud to be hosting GIA in DMCC’s Uptown Tower, Dubai. Representing a truly world-leading commercial, residential and retail offering, Uptown Tower has commanded significant interest from international and local businesses, as shown by the substantial office space pre-leased so far. Adding the GIA to our business district further solidifies and forges our strategy of building an interconnected business community that supports and encourages global trade.”
The establishment of the laboratory, reaffirms Dubai’s status as a leading hub for the global diamond industry, with the emirate significantly accelerating its diamond trade growth over recent years.
The UAE recorded $11bn worth of rough and polished diamond trade in Q1 2022, a 36 per cent year-on-year increase. GIA’s new laboratory is expected to support growth in this important polished diamond segment.
Tom Moses, GIA executive vice president and chief laboratory and research officer, said: “Dubai’s proximity to the important diamond manufacturing and producing centres, in addition to efficient transportation links to global diamond markets, will help support our clients and, very importantly, extend our important consumer protection mission.”
In other news, DMCC also signed an agreement with Brooklyn Chamber of Commerce to bolster Dubai-US relations. The agreement will see the two entities work together on several initiatives to promote bilateral trade.