The federal cabinet has decided that Dubai Diamond Exchange will be the sole gateway for imports and exports of polished diamonds in the UAE. The Dubai Diamond Exchange (DDE) is already the single point of entry for rough diamonds since it implements what is called the Kimberly Process Certification Scheme in the UAE. The cabinet approved the DDE as the point of entry and exit for importing and exporting diamonds to and from the country. The DDE was set up in 2002 and joined the World Federation of Diamond Bourses in October 2004 and is one of more than 20 such exchanges around the world. %% "We are appreciative of the responsibility that the federal government has placed on the exchange," Ahmad Bin Sulayem, deputy-chairman of the Dubai Diamond Exchange told Gulf News. "How exactly we implement this and the details of this will be outlined in the near future but we will be adhering to international standards," he added. The UAE is one of the largest trading centers in the world for rough diamonds and the GCC region, the third largest consumer of diamond jewelry in the world after the United State and Japan. %% The total trade in rough diamonds in Dubai jumped 46.25 per cent in 2005, to $3.734 billion, up from $2.553 billion in 2004. Dubai exported diamonds valued at $2.248 billion in 2005 while imports for the same period touched $1.484 billion.