An abridged version of this article first appeared in the JNA July/August 2023 issue.  

Dubai Multi Commodities Centre (DMCC) Executive Chairman and CEO Ahmed Bin Sulayem has achieved immeasurable feats over the years that placed Dubai at the centre of the global commodities trade.

He played a critical role in setting up DMCC and the Dubai Diamond Exchange (DDE) and fostering continued growth, effectively laying the groundwork for Dubai’s ascent as an international diamond hub.

Today, DMCC houses over 23,000 companies from the diamond, precious metal, coffee, tea, crypto and gaming sectors, to name a few, while DDE has become the world’s largest tender facility and the only diamond and coloured gemstone exchange in the Gulf Cooperation Council affiliated with the World Federation of Diamond Bourses. DDE hosts over 1,300 jewellery manufacturers, retailers and traders. 

In 2021, the United Arab Emirates (UAE) generated US$22.8 billion in rough diamond trade, making it the world’s largest rough diamond trading centre. In 2024, it will chair the Kimberley Process.

With his manifold achievements in the diamond trade, Bin Sulayem was named ambassador of the World Diamond Council’s updated System of Warranties initiative in September 2021. 

“Guided by expansion and growth opportunities, we will keep exploring new markets, gems and partnerships to maintain Dubai’s status as a global hub for commodities trade,” noted Bin Sulayem. 

Highlights

Bin Sulayem cites DMCC’s hosting of the International Colored Gemstone Association (ICA) Congress in 2007 where he met industry leaders Robert Wan and Nick Paspaley as a personal highlight. DMCC hosted the congress this year as well. Also memorable was the UAE becoming Kimberley Process chair in 2016 – a first for an Arab country. Dubai’s record tenders and its showcasing of important gems likewise make it to his list of career milestones.

DMCC likewise established the Tender Best Practice Forum Code of Conduct, a first-of-its-kind global initiative seeking to advance industry best practices for rough and polished diamond tenders.

Bin Sulayem also wants to replicate Dubai’s success in rough diamonds by becoming a polished diamond trading centre. Efforts are also underway to tap opportunities in the lab-grown diamond sector.

“We also need to embrace emerging technologies like tokenisation and blockchain that could transform precious metals trading,” shared Bin Sulayem. “This was the focus of the 2022 Dubai Precious Metals Conference and we will continue working with industry leaders to push this forward.”
 

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