Gemological Institute of America (GIA), world’s foremost authority on diamonds, coloured stones and pearls, will establish a new laboratory to serve the global gem trade in Dubai Multi Commodities Centre (DMCC).
The GIA laboratory will be located in DMCC’s new Uptown Tower, occupying two floors in a nine-year deal, DMCC said in an announcement.
DMCC is the leading Free Zone and Government of Dubai Authority on commodities trade and enterprise.
The new GIA laboratory, set to open in mid-2023, will occupy over 41,000 square feet, and would see up to 500 skilled new jobs created in DMCC’s business district.
The tower’s 22 floors of grade-A premium office space are now substantially pre-leased ahead of the tower’s completion in Q4 2022.
Uptown Tower topped out in January this year, with construction currently completed and the tower in its testing and commissioning phase.
The announcement 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 $11 billion worth of rough and polished diamond trade in Q1 this year, a 36 percent year-on-year increase.
The UAE is currently the world’s largest rough diamond trading hub and is quickly closing in on the market leader for polished stones as well.
GIA’s new laboratory is expected to support growth in this important polished diamond segment.
Ahmed bin Sulayem, executive chairman and chief executive officer of DMCC, said, “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.”
He said the Uptown Tower has commanded significant interest from international and local businesses, as shown by the substantial office space pre-leased so far.
Tom Moses, GIA executive vice president and chief laboratory and research officer, said, “The growing importance of Dubai as a diamond centre and its outstanding infrastructure make the DMCC an excellent choice for a significant expansion of GIA’s capacity.”
“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,” Moses said.
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