DMCC — the Free Zone and Government of Dubai Authority on commodities trade and enterprise — has signed the memorandum of understanding (MoU) with Botswana’s Okavango Diamond Company (ODC) to support and promote the sustainable development of the diamond industries in the UAE.
The MoU was signed by Feryal Ahmadi, chief operating officer of DMCC, and Mmetla Masire, managing director of ODC. The signing ceremony took place on March 14, 2022, in the presence of senior DMCC executives and Mokgweetsi Masisi, President of Botswana, along with an accompanying delegation of ministers.
“I was delighted to welcome President Mokgweetsi Masisi to DMCC, and I look forward to working with the Okavango Diamond Company to promote the development of the global diamond industry. This partnership comes on the back of Dubai being announced as the largest trade hub for a rough diamond in the world, which is a testament to its attractiveness as a business partner and a trade gateway to the world,” Feryal Ahmadi said.
“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,” he said.
Diamond auctions
Mmetla Masire said it is a great honor to be here in Dubai accompanying President Mokgweetsi Masisi and Lefoko Maxwell Moagi, Minister of Mineral Resources, Green Technology & Energy Security, and to be hosted by DMCC, one of the most important institutions in the global diamond industry.
“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 14-19, 2022. DMCC and ODC have agreed to work together to advance the diamond industry in both the 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.
A rapid increase in trade
The UAE and Botswana have long-standing diplomatic and bilateral relations across various sectors. The past 10 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.
In conclusion, this MoU comes just a few weeks after the Bostwana Minister for Environment, Natural Resource Conservation, and Tourism, Philda Nani Kereng, witnessed the opportunity to expand the scope of bilateral trade and partnerships between the two countries.
