United Arab Emirates (UAE) government organisation the Dubai Multi Commodities Centre (DMCC) has signed a memorandum of understanding (MoU) with Botswana diamond marketing organisation Okavango Diamond Company (ODC).
Under the terms of the MoU, the two parties will work together to promote the diamond industries in the UAE and Botswana and to support the sustainable development of the industry.
They 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 Kimberley Process.
The MoU was signed by DMCC COO Feryal Ahmadi and ODC MD Mmetla Masire. The signing ceremony took place at the DMCC in the Almas Tower, Dubai, on March 14 in the presence of senior DMCC executives and Botswana President Mokgweetsi Masisi, along with a delegation of Ministers.
The MoU will see the DMCC host many ODC diamond auctions and viewings at the Dubai Diamond Exchange. The first auction is currently under way and will end on March 19.
“As one of the world’s largest producers of diamonds, Botswana is a key market for DMCC and its members,” Ahmadi said at the signing.
A rapid increase in trade volume between the UAE and Botswana has been witnessed over the past ten years, with non-oil bilateral trade having reached about $1.3-billion in 2020, compared with $4.2-million in 2010.
The signing of the MoU comes a few weeks after Botswana Environment, Natural Resource Conservation and Tourism Minister Philda Nani Kereng recognised the huge potential to extend the scope of bilateral trade and partnerships between the two countries.
In October last year, the DMCC met with Botswana Mineral Resources, Green Technology and Energy Security Minister Lefoko Maxwell Moagi to discuss untapped opportunities in mining and trade.