The Dubai Multi Commodities Centre Authority (DMCC), the licensing authority for the Jumeirah Lakes Towers (JLT) free zone, announced today that Diamdel, a De Beers Group business and a market leader in auctioning rough diamonds online, has received its licence to operate in JLT.

The Diamdel Dubai office, the first in the Arab world, will open in August this year, and will be located on the 47th floor of the Almas Tower, which also houses the Dubai Diamond Exchange (DDE) and is home to more than 500 regional and international diamond and precious gems companies.

Diamdel’s DMCC office will provide registered businesses, from large scale dealers and manufacturers to small and medium sized specialist players, improved access to rough diamond supplies at market-determined prices through online auctions. By the end of Q1 2011, Diamdel had made available for sale 1,854 lots at auction, and nearly 350 companies participated in these auctions across Asia Pacific, South Asia, the Middle East and European markets.

Ahmed bin Sulayem, Executive Chairman, DMCC, commented:

“We are pleased to welcome Diamdel to JLT and are confident that they will play an important role in further enhancing the flow of diamond trade through Dubai.”