Dubai Diamond Exchange Holds Three Tenders in a Week

Rough Market
31/07/2019 10:40

The Dubai Diamond Exchange (DDE), a subsidiary of the DMCC, completed three rough and polished diamond tenders in the week of July 16 - 23 while the DDE is under renovation. The three separate tenders were hosted by Rapaport, Stargems and Trans Atlantic Gem Sales (TAGS), with reportedly over 200 companies participating.

“It has been a challenging year for the diamond industry overall," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC. "However, the success of these tenders serves to show that there remains a healthy demand for rough diamonds if the quality and price on offer are right." He adds that Dubai aspires to become the world's largest trading hub, a position currently occupied by Antwerp.

Anthony Peter, Owner, Trans Atlantic Gem Sales said the tender house welcomed more than 75 companies and generated sales of around $20 million. "We remain very optimistic about the long-term future of the industry and are confident that more growth lies ahead, and this will be greatly assisted by the upgraded state-of-the-art facility that will be unveiled soon," he said, referring to the new tender floor under construction at the DDE. "Once complete," the press release notes, "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 Dubai Diamond Conference, taking place at Almas Tower on 26 September 2019.