The DMCC (Dubai Multi Commodities Centre) on 18 July 2020 through an Official Statement sent to Rough & Polished, said that in January 2020, “Ernest Blom Diamonds Pty Ltd' had commenced a DIFC Court proceedings against the Dubai Diamond Exchange (DDE) and other defendants, which included a claim for alleged damages. DMCC, appearing on behalf of DDE, opposed the claims.
Elaborating on the subject, the Statement mentioned that the case was listed for a hearing at the DIFC Courts on 4 May 2020. On 3 May 2020, Ernest Blom Diamonds Pty Ltd formally withdrew its claims against DDE and the other defendants involved. The DIFC Court issued its judgment in favour of DDE and the other defendants on 19 May 2020, ordering Ernest Blom Diamonds Pty Ltd to compensate DMCC and the other defendants involved for the costs incurred by these legal proceedings.
DMCC’s statement also added that a commitment to transparency has been the cornerstone of the DDE and its success to date; and that securing the integrity of trade conducted on the DDE floor is of paramount importance, as is protecting the interests of its members. The DDE, a DMCC platform, will continue to connect markets, facilitate trade and grow the diamond industry backed by its robust infrastructure, stringent regulation and market confidence, it added.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
