Gem certification: Get your diamonds tested in JLT

Consumers can get their precious stones graded at world's largest IGI laboratory in Dubai

Dubai: Consumers can now get their diamonds certified at the International Gemological Institute's (IGI) largest laboratory globally which opened its doors in Dubai this week.

The certification comes for as low as Dh228 for a carat of diamond, with the report being ready within 24 hours, said Roland Lorie, CEO of IGI, a globally recognised, independent grading laboratory for gems and jewellery.

Although grading could be done earlier at IGI's modest facility in Deira Gold Souq, the new, 5,000 square foot lab at Almas Tower in Jumeirah Lake Towers has state-of-the-art equipment with more staff to cater to the growing demand for certification in the Middle East, he said.

According to Ahmad Bin Sulayem, Executive Chairman of the Dubai Multi Commodities Centre, Dubai alone traded 131 million carats of diamonds, worth over $16 million (Dh59 million), in the first half of 2010. The Dubai Gold & Jewellery Group also reported a 30 per cent growth in sales in the first two weeks of its Dubai Shopping Festival promotions this year.

Millions of carats

"Although the new IGI laboratory will largely cater to wholesale dealers and buyers, anyone can come to us," said Lorie.

"Diamonds and coloured stones are 100 per cent natural. No two diamonds are the same and since there is always a tendency to push their quality up, the consumer needs to be doubly sure," he said.

While most retailers in the UAE are willing to sell loose stones or solitaires with certificates - many of local origin - diamond jewellery largely comes without such reports. As such, the onus lies with the consumer to get them verified. "Twenty years ago, only the ‘happy few' were buying diamonds. They enjoyed a trusted relationship with their family jeweller. In the current shopping generation, more people are buying diamonds and from different countries, including Dubai. Hence the need for certifications," he said.

The IGI diamond grading based on the four Cs -carat, colour, clarity and cut - is based on a scientific analysis and an internationally recognised system, said Nico D'Haemer, Managing Director, IGI Dubai.

Gulf News
Image Credit: XPRESS / Pankaj Sharma

Circuit roads at Dubai's Jumeirah Lake Towers to stay

The one-way, circuitstyle road network of Jumeirah Lakes Towers (JLT) is here to stay it has been confirmed.

The one-way, circuitstyle road network of Jumeirah Lakes Towers (JLT) is here to stay.

It was confirmed that the development's roads would remain in their present form at the Dubai Multi Commodities Centre's (DMMC) launch of the first water-filled lake in the mixeduse precinct in 2009.

Bryan Wilson, executive director – properties at DMCC, said that the one-way roads at JLT would remain after the development was completed."The road system was modelled on a population of 170,000 people," he said.

"Studies showed that it would be safer to implement a four-lane, one-way road network to avoid a left-lane crossing system."

At present, many residents of the area have to drive an additional 2-3km every day just to exit the development, which has a circuit of looping roads configured like number 8.

Despite this, access to Shaikh Zayed Road is considerably better than nearby areas such as Dubai Marina, The Springs or The Greens.

Wilson explained that when the project is completed, the roads will be linked to two interchanges on Shaikh Zayed Road in addition to the Western Parallel Road, providing excellent road access for residents. "Once things stabilise, location will ontribute a lot to property values here. In addition to the good road access, the area will have two Metro stations and will be close to the new upcoming airport."

Ahmad Bin Sulayem, executive chairman of DMCC, confirmed the roads were here to stay. "People may not like the roads now, but they will thank me in a few years time, when they compare it to other areas," he said.

Bin Sulayemalso confirmed that JLT would be fully completed in 2011, noting that most developments were on schedule.

"Most of the developers are moving as fast as they can, except for two of them. It's moving well."

Gulf News
Image Credit: Supplied Picture to Gulf News

Beautification of JLT on course

Dubai: The majority of infrastructure and landscaping will be completed in the Jumeirah Lake Towers freezone this year, according to Malcolm Wall Morris, CEO of the Dubai Multi Commodities Centre Authority (DMCC).

"We're moving on from the sewerage and lake works and we're now on a process of beautification. With retail space filling up, the café culture is starting and people [are] beginning to live in the freezone the way it is designed," Morris said.

The master development has completed 53 towers and 13 towers are still under construction. An additional two hotels will also be completed in the next two years.

"JLT is one of the fastest growing freezones in the UAE and is moving into a more established phase of its development," Ahmad Bin Sulaiman, executive chairman of DMCC, said.

By the end of last year, JLT had 2,642 companies and approximately 15,000 residents.

On target

According to the DMCC, JLT grew over 40 per cent last year in terms of companies registering in the community. A total of 725 companies were registered in December alone.

According to Morris, they are averaging 60 companies a month and are on target to register another 80 companies in January.

"We're seeing the growth accelerate as our enhanced licensing and registration procedures are implemented. "In the last year, 90 per cent of registrations that took place took two weeks," said Morris.

Other key improvements in the process for registration and licensing is the launch of a reduced share capital requirement for many trade and service companies — a virtual office options for small or start up business and a simplified e-application process. Also, as commodity companies register, other similar companies are wanting to be located next to them," Morris said.

Out of the new companies that have recently registered and are operating in the free zone, 85 per cent are new entrants to Dubai.

"We're seeing new company people who wish to come to Dubai and use the JLT freezone as a place to do business. This is a good barometer of how Dubai is doing," Morris said.

JLT currently enjoys an average of 50 per cent occupancy across its different buildings. However, according to the latest Jones Lang Lasalle Real Estate market overview, the current oversupply situation in Dubai's office market is likely to continue.
Gulf News

Dubai's JLT sees 40% rise in residents in 2010

Dubai Multi Commodities Centre Authority saw a 40 percent increase in the number of companies operating from Jumeirah Lakes Towers free zone in 2010, it said on Monday.

The state-owned zone registered more than 725 new companies in 2010, an average of 60 per month, and as of December 31 had 2,642 total licenses.

About 85 percent of those companies were new to the Dubai market, DMCC said in a presentation to media.

A report from Jones Lang LaSalle on Sunday said office vacancy rates in Dubai reached 41 percent in the fourth quarter of 2010, as new supply flooded an already saturated market.

In commodities trading, DMCC said the value of diamonds traded through the emirate in 2010 rose from $7.6bn in the first half of the year to $16.3bn by its end.

Tea trade reached a record 10.6m kilos, while cotton trade hit $57m, DMCC said.

DGCX, the world's largest derivatives exchange, marked a 28 percent increase to record 1.93mn contracts, worth $104bn.

DMCC executive chairman Ahmed bin Sulayem said that financial hardships of the last two years had benefited the 200-hectare free zone, where tenant occupancy rate is around 50 percent.

"It played to DMCC's advantages - key businesses had a difficult time finding [stable] property," he said.

"There's a huge amount of work that's been done," said CEO Malcolm Wall Morris. "When the DMCC launched Almas Tower, only companies registered with the DMCC could purchase [in the building.]"

When space was sold off-plan to non-registered companies, "it sold out in 24 hours" -- so much demand that a decision was made to expand the square footage.

“Now our main infrastructure is completed and we're looking forward to leveraging off that," Morris said. "We have 53 completed towers, and 13 more to be completed in 2011."

He said the DMCC had made its registration process more efficient, with 90 percent of companies completing it in two weeks.

"We're going to make this a place where people really want to come work, live and play," he said.

Arabian Business