The Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), announced that it had successfully completed three rough and polished diamond tenders between July 16 and 23. Over 200 companies convened in Dubai’s Almas Tower to participate in the tenders.
The three separate tenders were hosted by Rappaport, Stargems and Trans Atlantic Gem Sales (TAGS). On offer were both rough and polished diamonds. The DDE said that the high value of stones sold at the tenders reflects the strength of Dubai’s diamond trade.
“It has been a challenging year for the diamond industry overall. However, the success of these tenders serves to show that there remains healthy demand for rough diamonds if the quality and price on offer are right. As a result, Dubai continues to cement its leading position in the industry and is well on its way to becoming the world’s largest trading hub,” said DMCC Executive Chairman and CEO Ahmed Bin Sulayem.
The DDE is currently under renovation, but said that this has had no impact on its business operations, with tenders regularly taking place during this period.
Once the renovations are complete, the DDE said, it will have one of the biggest tender floors in the world with up to 40 tables, fully secured with cameras and specialist lighting for buyers to examine diamonds and precious stones. The newly refurbished facility will be unveiled ahead of DMCC’s flagship Dubai Diamond Conference, taking place at the Almas Tower on September 26.