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21 April 2024

Dubai Diamond Exchange hosts three diamond tenders

By Wam

The Dubai Diamond Exchange (DDE), a subsidiary of DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, announced today the successful completion of three rough and polished diamond tenders hosted between 16th and 23rd July 2019.

Over 200 companies convened in Almas Tower to analyse and value the stones with the latest industry tools, technology and software. The three separate tenders were hosted by Rappaport, Stargems and Trans Atlantic Gem Sales (TAGS). On offer were both rough and polished diamonds. 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 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.

Anthony Peter, Owner, Trans Atlantic Gem Sales said, "Since we started our operations in Dubai, we have experienced sustained growth in both tenders, sales, and registrations of new companies. This week, we welcomed more than 75 companies and generated sales of around US$20 million. We remain very optimistic about the long-term future of the industry."

Shailesh Javeri, Chairman, Stargems Group added, "We have hosted several tenders at the Dubai Diamond Exchange in the past, all of which have been successful. This one was no exception and we were thrilled to welcome more than 300 buyers from 135 companies who bought diamonds worth $33 million."

Michelle Ickowics, CEO, Rapaport Diamond Corporation, said, “Aside from Dubai’s strategic location, we have chosen to conduct our tenders at the Dubai Diamond Exchange on account of its safe environment, strict regulation and team of industry experts. Given the success of our tenders here, there is little doubt that we will be returning to Dubai for additional tenders in the near future.”

In 1997, diamond trading in Dubai was virtually non-existent, but by 2003 trade in rough and polished stones had increased to AED13.2 billion (US$3.6 billion) and by 2018 it had risen to AED91.75 billion ($25 billion).