Dubai Unveils New Diamond Exchange Trading Floor

Rough Market
25/09/2019 17:45

The Dubai Multi Commodities Centre (DMCC) today (Sept. 25) unveiled the redesigned and upgraded Dubai Diamond Exchange (DDE) auction facility, which it is calling the world’s largest diamond trading floor. Located at the Almas Tower in Dubai, UAE, the refurbished trading floor has 41 viewing stations with specially designed lighting and high-resolution cameras. Designed principally for rough and polished diamonds, the DMCC says that changes have been made to the DDE windows to enable trade of colored gemstones. The DDE is said to have the capacity to host 200 buyers at once and the capacity to host multiple tenders simultaneously.

The DMCC says, "The expansion of the facility is set to drive a sharp rise in the number of auctions held in Dubai, and boost sales and trade flows through the emirate." Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, comments, “As we move forward, our priority remains to constantly modernise our infrastructure, services and products so that DMCC remains one of the largest and most influential diamond trading hubs in the world. We are confident that housing the world’s largest diamond tender facility will support us in this journey.”

Dubai says it aims to become 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. It clearly has a ways to go to achieve its aim, however, given that in 2017, 109 tenders were organized by various Antwerp tender houses, with the major mining companies holding another 68 tenders in Antwerp for a total of 177 on the year, according to the AWDC's Annual Report. The DMCC's announcement comes as the World Federation of Diamond Bourses (WFDB) is holding its presidents meeting in Dubai, and was timed to open for the Dubai Diamond Conference, which is taking place this week.

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 refurbished Dubai Diamond Exchange. (Dubai Multi Commodities Center)