A new laboratory to serve the global gem trade will be established in DMCC’s new Uptown Tower, occupying two floors in a nine-year contract. The DMCC free zone and the Dubai Government Authority have announced that the world’s leading authority on diamonds, colored stones and pearls, the Gemological Institute of America (GIA).
Opening in mid-2023, the new GIA lab will occupy more than 41,000 square feet and create up to 500 new skilled jobs in the DMCC business district, the Emirates Herald reports.
The 22-story tower is forecast to be complete in the fourth quarter of 2022. Uptown Tower was completed in January of this year, with construction currently complete and the tower in its testing and commissioning phase.
The United Arab Emirates recorded a trade in rough and polished diamonds worth US$11 billion in the first quarter of this year, a year-on-year increase of 36%. The announcement reaffirms Dubai’s status as a leading hub for the global diamond industry, with the emirate significantly accelerating the growth of its diamond trade in recent years.
The new GIA lab is expected to support growth in this important segment of polished diamonds. The EAU is currently the world’s largest trading center for rough diamonds and is also rapidly closing in on the market leader for polished stones.
Adding the GIA to our business district further solidifies and forges our strategy of building an interconnected business community that supports and fosters global trade,” said Ahmed bin Sulayem, Executive Chairman and CEO of DMCC. “We are immensely proud to host GIA at DMCC Uptown Tower, Dubai. Representing a truly world-leading commercial, residential and retail offering, Uptown Tower has captured significant interest from international and local businesses, as evidenced by the significant pre-leased office space to date.
Tom Moses, Executive Vice President and Director of Laboratory and Research at GIA. Highlights “Dubai’s growing importance as a diamond hub and its excellent infrastructure make the DMCC an excellent choice for a significant expansion of GIA’s capacity,”
“Dubai’s proximity to major diamond production and manufacturing hubs, as well as efficient transportation links to global diamond markets, will help support our customers and, more importantly, extend our important mission of protecting of the consumer”. Published by the Emirates Herald, a news and information agency.