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Dubai Upgrading Diamond-Tender Center

Jul 29, 2019 5:29 AM   By Rapaport News
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 The Dubai Diamond Exchange (DDE) will soon unveil its renovated center for rough and polished diamond tenders, the bourse reported Saturday.

“The DDE is currently under renovation,” the exchange said. “Once complete, it will be one of the biggest tender floors in the world with 40 tables, fully secured with cameras and specialist lighting for buyers to examine diamonds and precious stones.”

The refurbished facility will be ready in time for the Dubai Diamond Conference taking place at its headquarters in Almas Towers on September 26.

The exchange has continued to host tenders during the construction phase, and held three different polished and rough sales from July 16 to 23, including by Rapaport Group, Stargems and Trans Atlantic Gem Sales (TAGS). More than 200 companies participated in the tenders, DDE reported. 

Despite the challenging year, the success of these tenders demonstrates that there remains healthy demand for rough diamonds if the quality and price on offer are right, noted Ahmed Bin Sulayem, executive chairman and CEO of the Dubai Multi Commodities Centre (DMCC), the DDE’s parent group.

Dubai has grown its rough and polished trade in the past two decades, but saw activity slide in 2018 in line with a decline in global demand. Polished imports fell 37% to $4.21 billion for the year, while polished exports dropped 18% to $3.96 billion, according to data published on the DMCC website.

Image: Diamonds offered on tender at the Dubai Diamond Exchange in July. (DMCC)
Tags: Ahmed Bin Sulayem, diamonds, DMCC, Dubai, Dubai Diamond Exchange, Rapaport News, Stargems, Trans Atlantic Gem Sales (TAGS).
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