The world’s leading gemology and jewellery research organisation, the Gemological Institute of America (GIA), has announced the establishment of a new laboratory in Dubai.
The new facility is expected to service more than 1,100 diamond companies based in the UAE and is scheduled to open in mid-2023.
The GIA laboratory will occupy two floors of the Uptown Tower building in Dubai as a part of an initial nine-year deal.
Tom Moses, GIA executive vice president, said the UAE was an ideal geographical location for such a facility.
“Dubai’s close proximity to the important diamond manufacturing and producing centers, in addition to efficient transportation links to global diamond markets, will help support our clients and, very importantly, extend our important consumer protection mission,” he said.
The Dubai Multi Commodities Centre was established in 2022 to provide crucial infrastructure required for global commodities trade.
Within the DMCC is the Dubai Diamond Exchange (DDE) which completes more than $US20 billion in trade each year. In Q1 of this year the UAE recorded $US11 billion in trade of rough and polished diamonds, a 36 per cent increased compared with 2021.
Gold, as well as other gemstones such as pearls, are also traded at the DMCC. The GIA previously operated a facility in Dubai, however, it closed in 2019.
The GIA is headquartered in California and operates additional laboratories in New York, London, Israel, South Africa, Botswana, India, Thailand, Japan and Hong Kong.