Gemological Institute of America (GIA) will set up a brand new lab within the Uptown Tower of the Dubai Multi Commodities Centre (DMCC), the free commerce zone within the United Arab Emirates (UAE).

As a part of a nine-year deal, the brand new GIA laboratory, set to open in mid-2023, will occupy greater than 41,000 sq. ft throughout two flooring of Dubai’s Uptown Tower. The lab could add as many as 500 expert jobs to the DMCC’s enterprise district.

Roughly $11 billion value of tough and polished diamonds have been traded within the UAE within the first quarter of the 12 months, a 36% bounce from the 12 months earlier than. By its calculations, the UAE is at the moment the world’s largest tough diamond buying and selling hub and should quickly change into the market chief for polished stones as effectively.

A majority of the Uptown Tower’s 22 flooring of workplace house are actually pre-leased. The Tower is because of open its doorways within the fourth quarter of 2022.

“The rising significance of Dubai as a diamond middle and its excellent infrastructure make the DMCC a wonderful selection for a major enlargement of GIA’s capability,” stated Tom Moses, GIA government vp and chief laboratory and analysis officer, in a press release.

GIA at the moment has 10 labs worldwide; the Dubai lab will deliver that to 11. It not too long ago stated that it was shutting its lab in Antwerp, Belgium, attributable to an absence of enterprise.

High: Dubai’s Uptown Tower (picture courtesy of the Dubai Multi Commodities Centre)

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