The Dubai Multi Commodities Centre (DMCC) announced that it will host the first-ever rough laboratory-grown diamonds tender at its Dubai Diamond Exchange (DDE) in the Almas Tower, Dubai. The auction will feature 50,000 carats in 55 parcels of chemical vapour deposition (CVD) rough diamonds.
The DMCC said that the tender is in line with its strategy to attract, facilitate and drive new trade flows through Dubai.
The tender is being organised and managed by Hong Kong-based diamond traders Tony’s Auction World with viewings in taking place from May 11 to 13.
The DMCC said that as a member of the World Federation of Diamond Bourses (WFDB), the DDE is subject to all the organisation’s laws and must be compliant with its stringent regulations. All tenders held through DDE are necessarily regulated, transparent and conducted in accordance with the highest standard of integrity.
“DMCC is delighted to host this tender on its inclusive diamond trading platform and by doing so, drive new trade flows through Dubai,” said DMCC Executive Chairman and CEO Ahmed Bin Sulayem.
He added, “It is encouraging to see the DDE host more tenders than ever before in 2019. Our commitment to facilitating open and transparent trade is unwavering, as is our support for the natural diamond industry. Ensuring the integrity of the sales process is of paramount importance, and that is why lab-grown diamonds tenders will only take place on the DDE trading floor when both the seller and buyer can clearly evidence that the disclosure, detection and differentiation process has been adhered to.”
Tony’s Auction World CEO Rushabh Mehta added, “We are proud to stage in Dubai the first laboratory-grown diamonds tender in the world. Lab-grown diamonds offer a different value proposition to natural diamonds and trading them in a regulated and open platform increases the transparency and legitimacy of the sales process. This is a major milestone and testament to both the growing prominence of lab-grown diamonds and their increasing market appeal.”
According to the DDE and its ‘Code of Business Conduct’, all tender participants must follow a robust due diligence process and provide evidence that lab-grown diamonds are sold and stored separately to natural diamonds. The DDE requires tender participants to clearly disclose and differentiate the product, with lab-grown diamonds and natural diamonds traded entirely separately.