Each diamond will be laser-inscribed with a unique serial number and certified by authorities stating where the diamond was mined before it was cut and polished in Russia. DMCC will invite its members to submit their applications for a license to trade the ‘Dubai cut’. These applications will come into consideration only in mid-February 2006.

The Dubai Metals and Commodities Centre (DMCC) launched Dubai Cut diamond, a patented 99 facets cut, which will be produced only by Kristall Corp. Russia-based Kristall has the capacity to produce about 1,800 Dubai cuts per year for the DMCC.

Maxim Shkadov, director of Kristall, said, “Dubai has rapidly emerged as a global hub for diamonds and the Dubai Cut will further enhance Dubai’s position in the global diamond world." Shkadov further remarked “Kristall has manufactured high-quality diamonds while strictly adhering to the highest industry ethical standards, including a commitment and track record of leading the fight against blood diamonds, conflict diamonds, and child labor.”

"The Dubai Cut will be an internationally renowned brand synonymous with a flawless reputation, the highest quality and unique creativity in design," said Ahmed Bin Sulayem, CEO of DMCC. “DMCC and Kristall have a long relationship and established trade relations and sharing of vital information with regards to the industry," he added.