Industry News by Nemesis

Dubai Opens Revamped Diamond Bourse

September 25, 2019

 

The Dubai Multi Commodities Center (DMCC) has unveiled a redesigned diamond exchange, featuring the world’s largest diamond-trading floor and special windows that will enable it to hold ruby and sapphire tenders.

The Dubai Diamond Exchange (DDE), located in Almas Towers, now has 41 tables, fully secured with cameras, as well as special lighting that allows buyers to examine diamonds and precious stones. New white-crystal windows eliminate reflective light. DDE can host up to 200 buyers at once and host multiple tenders simultaneously.

“As we move forward, our priority remains to constantly modernize our infrastructure, services and products so that DMCC remains one of the largest and most influential diamond-trading hubs in the world,” DMCC CEO Ahmed Bin Sulayem said Wednesday. “We are confident that housing the world’s largest diamond-tender facility will support us in this journey.”

The announcement comes amid this week’s World Federation of Diamond Bourses (WFDB) presidents meeting and the Dubai Diamond Conference, which are both taking place in the emirate. 

The DDE aims to be the world’s biggest international diamond-trading hub by 2023. It held 29 tenders in 2018, valued at approximately $330 million, a 75% increase over the year before, it noted.

Image: (from left to right) Maryan Al Hashemi, director of the Kimberley Process; Feryal Ahmadi,COO of DMCC; Ahmed Bin Sulayem, Sanjeev Dutta, director of financial services and commodities at DMCC, and Ahmad Hamza, executive director of the Free Zone at DMCC, at the ribbon-cutting ceremony for the revamped Dubai Diamond Exchange. (Dubai Multi Commodities Center)

 

Source: Rapaport

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