Guangzhou Diamond Exchange's First Rough Tender a Success

Rough Market
02/05/2018 10:13

The Guangzhou Diamond Exchange held its first ever Rough Diamond Tender from 19-25 April, selling all the parcels available for nearly $6 million. The tender included more than 230,000 cts of of industrial and gem-quality diamonds rough diamond from Africa and drew nearly 50 companies from China, Belgium, the United Arab Emirates, India and Israel. The supplier of the stones, Société Anhui-Congo d’Investissement Minier, is a joint venture of Chinese enterprise and the government of the Democratic Republic of the Congo.

The Diamond Exchange said the first tender adopted an online bidding system synchronized globally, enabling them to realize the targeted value and price discovery. They noted that the total transaction volume "exceeded expectations", and said the overall price was on par with other auctions held at an international level. The Exchange notes, "Relying on the huge domestic market, the tender has made an important breakthrough in stimulating the development of international commodity distribution centre, information centre and price formation centre. For the first time, China has made its voice heard in international rough diamond pricing system."