Industry News by Nemesis

DMCC’s DDE Hosts Three Successful Diamond Tenders in One Week

July 28, 2019

DMCC, the Free Zone and Government of Dubai Authority on commodities trade and enterprise has announced the completion of three rough and polished diamond tenders hosted between 16 and 23 July 2019 by the Dubai Diamond Exchange (DDE), a subsidiary of DMCC.


Over 200 companies convened in Almas Tower to take part in the three separate tenders hosted by Rapaport, Stargems and Trans Atlantic Gem Sales (TAGS).


“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,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.


The DDE is currently under renovation, but this has had no impact on its business operations, with tenders regularly taking place during this period. Once complete, it will be 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 Almas Tower on 26 September 2019.


In 2018, the DDE hosted 27 diamond tenders where $328 mln worth of diamonds were traded, a significant increase from 13 tenders worth $28.5 mln in 2017.


The DDE is the only World Federation of Diamond Bourses (WFDB) accredited exchange in the Middle East. It provides its members and industry participants with the appropriate infrastructure, products, services and regulation they require to grow, succeed and trade with confidence.

 

Source: Rough&Polished

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