Local Business

DDE organises largest rough diamond tender

Staff Report/Dubai
Filed on November 26, 2019


The Dubai Diamond Exchange (DDE) - a subsidiary of DMCC, the Government of Dubai Authority on commodities trade and enterprise - announced, on Monday, that it had successfully hosted one of the largest rough diamond tenders ever to take place in the UAE.

Stargems, a DMCC-registered international diamond company, held its record-breaking tender in Almas Tower. Over 577,000 carats of rough diamond was viewed across DDE's 41 tables, with over 200 international buyers in attendance.

The total value of diamonds sold was just under $50 million (Dh180 million). The rough diamonds on sale originate from across Africa, including over 500,000 carats from the SACIM mine in the Democratic Republic of the Congo.

"I am encouraged to see such a strong tender on the Dubai Diamond Exchange. Surpassing $25 billion in 2018, diamond trade through Dubai is on the rise and the emirate will soon be the world's leading rough and polished diamond trading hub. DMCC has an important role to play in driving the diamond trade in the city and in turn, increasing the industry's contribution to the economic diversification plan of the UAE," said Feryal Ahmadi, chief operating officer, DMCC.

DMCC recently unveiled the refurbished DDE, which is now the largest diamond tender facility in the world. The DDE remains the only World Federation of Diamond Bourses accredited exchange in the Middle East.

"Our November tender has set a new record for Stargems. We are delighted with the overwhelming interest shown in the tender, and the competitive price achieved for the rough stones. Through Dubai, Stargems is able to connect buyers and sellers and take advantage of the city's connectivity. This is why we will continue to stage tenders on the DDE floor, and have reason to be positive about future sales here in Dubai," said Shailesh Javeri, chairman and founder, Stargems Group.

In the first half of 2019, the value of gold, diamonds and jewellery trade in Dubai reached $50 million (Dh180 billion), a three percent increase from the same period last year. In October 2019, the UAE Cabinet approved a policy to enhance the country's position as a global hub for gold and jewellery trade, and launched a range of initiatives and tools to support its implementation.

- business@khaleejtimes.com

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