The Dubai Multi Commodities Centre (DMCC) announced that its Dubai Diamond Exchange (DDE) signed a strategic partnership with Stargems, to host a series of rough diamond tenders in 2018.
The agreement enables international members, miners and suppliers to trade and distribute rough diamonds at events hosted by Stargems at the DDE’s headquarters in Almas Tower, Dubai.
“Dubai has fast emerged as one of the world’s top three diamond centres, and we are always looking at ways of nurturing and growing this footprint by connecting producers with buyers along the Dubai-Africa axis and beyond. The Stargems collaboration is of course a welcome initiative as it further underscores Dubai and DDE’s position as the global destination of choice for the diamond industry,” said DMCC Executive Chairman Ahmed Bin Sulayem.
“This is an exciting chapter for Stargems and we are thrilled to partner with the DDE, a facility that is synonymous with the highest possible industry standards,” said Stargems Chairman Shailesh Javeri.”
He added, “The business case is clear. Diamond tenders are an increasingly important sales mechanism for us, through these tenders, we hope to bridge the gap between the diamond producing nations and the manufacturing units in Asia. This partnership will guarantee a secure and transparent tendering process in a regulated environment provided by the DDE.”
The DDE hosted tenders attended by over 130 international buyers in 2017 with the opening of Almas Diamond Services DMCC, the UAE’s first state of the art diamond polishing facility, in November.