Industry News by Nemesis

Dubai Exchange Holds First Lab-Grown Tender

May 13, 2019

 

The Dubai Multi Commodities Centre (DMCC) will offer rough lab-grown diamonds at tender for the first time, as it aims to diversify the emirate’s trade. 

The sale, which will be run by Hong Kong-based diamond trading firm Tony’s Auction World, will feature 50,000 carats of synthetic stones created using chemical vapor deposition (CVD). The tender will take place in the Almas Tower at the Dubai Diamond Exchange (DDE) from May 11 to 13. 

The initiative will “drive new trade flows through Dubai,” DMCC executive chairman and CEO, Ahmed Bin Sulayem, said last week.

“Our commitment to facilitating open and transparent trade is unwavering, as is our support for the natural-diamond industry,” Bin Sulayem noted. “Ensuring the integrity of the sales process is of paramount importance, and that is why lab-grown-diamond 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.” 

To that end, all participants must provide evidence prior to taking part in the sale that they will store and sell lab-grown diamonds separately from natural diamonds, the DMCC noted.

“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,” explained Rushabh Mehta, CEO of Tony’s Auction World. “This is a major milestone, and testament to both the growing prominence of lab-grown diamonds and their increasing market appeal.” 

Image: DMCC’s Almas Tower. (Dubai Multi Commodities Centre)

 

Source: Rapaport

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