焦点 JNA May/June 2023 | 17 Our biggest hurdle is the mindset of the trade. We need to adapt to the new speed of things. Continuous education is crucial. The best solution is a fusion between tried-and-tested ways and new technology. - Tawhid Abdullah, chairman of the Dubai Gold and Jewellery Group Dubai business district 迪拜商务区 The time is ripe for Dubai’s unprecedented rise as a major player in the international jewellery and gemstone industry. According to stakeholders, Dubai is favoured for its tax efficiency, financial and logistical infrastucture, product and price diversity, accessibility and solid government support – all pillars of a successful enterprise in any sector. Specifically, the city is diversifying its specialisation to become the next important coloured gemstone and jewellery destination while fortifying its status as a diamondtrading hub. What Dubai offers is a well-oiled system that fosters profitability and provides a platform for existing and new businesses, explained Tawhid Abdullah, chairman of the Dubai Gold and Jewellery Group (DGJG). A step in the right direction is the establishment in 2022 of a dedicated B2B sourcing event in Dubai – Jewellery, Gem and Technology in Dubai (JGTD), which is organised annually by Informa Markets Jewellery and Italian Exhibition Group Spa. The show’s second edition was held from February 12 to 14, 2023. “We were not successful in creating a B2B fair in the past. The Gold Souk served as our exhibition per se but JGTD is a different league of its own,” noted Abdullah. The international fair effectively upped the ante for Dubai in terms of attracting new opportunities and markets. Dubai is also attracting strong players in the global diamond and gemstone trade such as Fura Gems, Belmont Enterprises Ltd and KGK Diamonds and Jewellery LLC, to name a few, shared Ahmed Bin Sulayem, executive chairman of the Dubai Multi Commodities Centre (DMCC). In addition, the Gemological Institute of America (GIA) is opening a new laboratory in Dubai in 2023 through a subsidiary, GIA Laboratory DMCC. According to Bin Sulayem, GIA’s new facility will contribute immensely to the movement of polished diamonds in and out of Dubai. The International Colored Gemstone Association (ICA) meanwhile is planning to open a gemstone bureau in Dubai to promote gems to the Middle Eastern market. The city is also frequently holding ruby, emerald and sapphire tenders. Dubai is likewise aiming to gain traction in the labgrown diamond (LGD) space. This July, DMCC is hosting an LGD Symposium to discuss industry challenges and technological developments. Business muscle DGJG’s Abdullah said companies wanting to establish a presence in the Middle East will benefit from a new corporate tax regime enacted in December 2022, which stipulates that UAE businesses will be subject to a 9 per cent corporate tax rate beginning June 2023. “This means we have one of the lowest corporate tax rates in the region, which is crucial to facilitating business,” noted Abdullah. Dubai-based companies also cater to a wide range of buyers from the US, Europe and Asia who have varied consumer preferences in terms of design and price points.
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