Dubai-based diamond trading company, Nemesis International, has announced the opening of a new diamond polishing factory in partnership with Sodiam EP, the Angolan National Diamond Trading Company.
With the new factory in Dubai Multi Commodities Centre, Nemesis International said it can streamline the processes of high value rough diamonds through facilitating cutting and polishing services locally.
Dubai is the world’s third largest diamond trading centre valued at over $14 billion in 2016, the company said in a statement.
"Given the growing volume of Dubai’s diamond trading industry and its contribution to the country’s GDP, economic growth and stability, we are proud to inaugurate this state-of-the-art polishing and technology facility which will contribute to Dubai’s standing as a leading global diamond centre on par with New York, Antwerp and Mumbai," said Konema Mwenenge, CEO of Nemesis International.
The new polishing facility - Almas Diamond Services DMCC - sets a precedent in the region for the industry, Mwenenge added.
Having invested upwards of $2 million in cutting edge equipment, Almas Diamond Services said it expects to turn over about 150 carats of diamonds per month and up to 3,000 carats within the first two years, with six weeks being the average time to polish a stone.
Filip Hendrickx, Manager of Almas Diamond Services, said: "Up until this point, there were no hi-tech polishing factories that could process high value diamonds in significant volumes with a quick turnaround.
“Almas Diamond Services can now offer its customer a full range of value added services, from rough diamond boiling and evaluation services to state-of-the-art cutting and polishing."For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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