Conner Curran Reflects on Dubai’s Business Landscape and Tax Changes
Conner Curran, the CEO of Dexterous DMCC, recently shared insights about Dubai on episode 150 of the Rapaport Diamond Podcast, expressing both admiration for the emirate and concern regarding its evolving tax regulations.
The Role of Dexterous DMCC in the Dubai Market
Operating out of the Dubai Multi Commodities Centre (DMCC), Curran’s firm specializes in commodities sales, with approximately 40% of its business focused on diamonds, gold, and gemstones. The DMCC serves as a strategic location for such trade, providing a robust environment for global commerce.
The Attractiveness of Dubai for Business
During his conversation with Joshua Freedman from Rapaport, Curran highlighted several appealing factors about Dubai. The tax laws, safety, and overall ease of conducting business have contributed to its reputation as a prime location not only to live but also to thrive professionally. After relocating from London, Curran found Dubai to be a vibrant and conducive environment for business growth.
Shifting Focus: From Rough to Polished Diamonds
Historically, Dexterous DMCC held rough diamond tenders; however, the company has pivoted towards hosting tenders for high-end polished diamonds, particularly fancy-color stones. These exclusive events take place in Hong Kong, Dubai, and Miami, catering specifically to consumers. Curran noted this approach uniquely blends business-to-business interactions with direct consumer engagement, allowing them to tap into a willing audience.
Catering to Consumer Demand
Curran elaborated on the challenges firms face in the B2B sector, where profit margins can be tight and revenue targets hard to meet. The decision to attract end-use consumers was born from a necessity to reach higher sales figures. “How can we get the end users in, how can we get the people who are willing to pay a little bit more?” he noted. The goal was to offer a more affordable alternative to high-street competitors while still appealing to consumers looking for luxury.
The Importance of Hong Kong in Diamond Sales
Among the various locations where Dexterous DMCC conducts its tenders, Hong Kong stands out. Curran pointed out that this city serves as a major hub for fancy-color diamonds, making it an ideal location for consumer sales. The unique dynamics of the sales events in Hong Kong have proven successful for tapping into a market eager for such exclusive products.
Concerns Over Changing Tax Laws
Despite the enticing business climate, Curran raised alarms about recent shifts in corporate taxation that could impact Dubai’s diamond industry. Initially, diamond companies were promised an exemption from a 9% corporate tax, a benefit that was later revoked. “This change makes Antwerp significantly more appealing from a tax perspective,” he remarked, indicating that businesses might reconsider their operational bases in light of shifting financial incentives.
Listening to the Full Podcast
For those interested in deeper insights, you can listen to the complete podcast episode here.
The Role of RapNet in the Diamond Industry
RapNet has established itself as the largest and most trusted online marketplace for sourcing and selling diamonds, gems, and jewelry. It offers members commission-free trading, competitive pricing, and essential pricing tools. Additionally, users benefit from a secure environment that connects only verified buyers and sellers, along with seamless integration of GIA certifications.
Through discussions like those on the Rapaport Diamond Podcast, industry leaders like Curran shed light on the opportunities and challenges present within the diamond trade, especially in key markets like Dubai. The evolving landscape calls for continuous adaptation, as both business practices and regulatory frameworks shift globally.
