DMCC signs MOU with Botswana’s Okavango Diamond Company

Dubai Multi Commodities Centre has signed a Memorandum of Understanding with Botswana’s Okavango Diamond Company that will see the two parties work closely together to promote the diamond industries in the UAE and Botswana, and most importantly support the sustainable development of the global industry.

The MoU was signed by Feryal Ahmadi, Chief Operating Officer of DMCC, and Mmetla Masire, Managing Director of ODC. The signing ceremony took place at Almas Tower, DMCC, on March 14, in the presence of senior DMCC executives and His Excellency Mokgweetsi Masisi, President of Botswana, along with an accompanying delegation of Ministers.          

Delighted to welcome President Mokgweetsi Masisi to DMCC, Feryal Ahmadi, Chief Operating Officer, DMCC 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.” Mmetla Masire, Managing Director, ODC, said, “I am thrilled that we are strengthening our relationship with DMCC.

This MoU comes just a few weeks after Botswana’s Minister for Environment, Natural Resource Conservation and Tourism, Philda Nani Kereng, recognised the huge potential to extend the scope of bilateral trade and partnerships between the two countries. In October 2021, DMCC met with Lefoko Maxwell Moagi, Botswana's Minister of Mineral Resources, Green Technology and Energy Security, to discuss untapped opportunities in mining and trade.

The UAE and Botswana have long standing diplomatic and bilateral relations across various sectors. The past ten 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.

DMCC and ODC 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. The MoU will see DMCC host many ODC diamond auctions and viewings at the Dubai Diamond Exchange (DDE). The first auction is taking place from March 14 to 19.