Dubai Multi Commodities Centre (DMCC) and Botswana’s Okavango Diamond Company (ODC) will work together to promote the diamond industries in UAE and Botswana and support the development of the industry worldwide.

An MoU to this effect has been signed at DMCC’s headquarters in the presence of the President of Botswana, Mokgweetsi Masisi.

The MoU was signed by Feryal Ahmadi, Chief Operating Officer of DMCC, and Mmetla Masire, Managing Director of ODC. The signing ceremony took place at Almas Tower, DMCC, on March 14, 2022 in the presence of senior DMCC executives and Masisi along with an accompanying delegation of Ministers.

Ahmadi said: “This partnership comes on the back of Dubai being announced as the largest trade hub for rough diamond in the world, which is a testament to its attractiveness as a business partner and a trade gateway to the world. As one of the world’s largest producers of diamonds, Botswana is a key market for DMCC and its members, and I look forward to a fruitful partnership with the Okavango Diamond Company.”

Masire said: “I am thrilled that we are strengthening our relationship with DMCC and I am looking forward to working together to support the growth of our respective businesses, and to sharing our knowledge and expertise.”

The MoU will see DMCC host many ODC diamond auctions and viewings at the Dubai Diamond Exchange (DDE). The first auction is taking place this week, from March 14 to 19, 2022.

DMCC and ODC have agreed to work together to advance the diamond industry in both UAE and Botswana. Both parties will exchange information, analytical materials and forecasts on the prospects for the development of the global diamond market, while also supporting each other on all aspects relating to the application of the Kimberly Process.

The UAE and Botswana have long-standing diplomatic and bilateral relations across various sectors. The past ten years have witnessed a rapid increase in trade volume between the UAE and Botswana, with non-oil bilateral trade reaching around $1.3 billion in 2020, compared to just $4.2 million in 2010.

This MoU comes just a few weeks after Botswana’s Minister for Environment, Natural Resource Conservation and Tourism, Philda Nani Kereng, recognised the huge potential to extend the scope of bilateral trade and partnerships between the two countries. In October 2021, DMCC met with Lefoko Maxwell Moagi, Botswana's Minister of Mineral Resources, Green Technology and Energy Security, to discuss untapped opportunities in mining and trade.

 

 

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