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DUBAI, July 27, 2019 (WAM) – The Dubai Diamond Exchange (DDE), a subsidiary of DMCC, the world's largest group on the free zone and the Dubai government, today announced the successful completion three diamond tender projects held between 16 and 23 July 2019.
More than 200 companies have gathered at Almas Tower to badyze and value the stones with the latest tools, technologies and software from the industry. The three separate tenders were organized by Rappaport, Stargems and Trans Atlantic Gem Sales (TAGS). On offer were both rough and polished diamonds. The high value of the auctioned stones reflects the strength of the diamond trade in Dubai.
"The year has been tough for the diamond industry, but the success of these tenders shows that the demand for rough diamonds remains strong if the quality and price offered are correct." As a result, Dubai continues to consolidate it's a leading position in the sector and is becoming the world's largest trading center, "said Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC.
The DDE is currently being renovated, but this has had no impact on its activities, bids are regularly held during this period. Once completed, it will be one of the largest soft floors in the world with up to 40 tables, fully secured with cameras and specialized lighting to allow buyers to examine diamonds and gems.
Anthony Peter, Owner, Trans Atlantic Gem Sales, said, "Since the beginning of our operations in Dubai, we have seen steady growth in new business offers, sales and listings. This week, we welcomed more than 75 companies and generated sales of approximately 20 million US dollars. We remain very optimistic about the long-term future of this sector. "
Shailesh Javeri, president of the Stargems Group, added: "We have already organized several successful tender calls to the Dubai Diamond Exchange, which was no exception to the rule. and we were delighted to welcome over 300 buyers of 135 bought diamonds valued at $ 33 million ".
Michelle Ickowics, CEO of Rapaport Diamond Corporation, said: "In addition to the strategic location of Dubai, we have chosen to conduct our tender calls at the Dubai Diamond Exchange because of its safe environment, its strict regulations and its team of industry experts. Given the success of our offers here, there is no doubt that we will return to Dubai for additional offers in the near future. "
In 1997, the diamond trade in Dubai was virtually non-existent, but in 2003 the trade in rough and polished stones rose to AED 13.2 billion (US $ 3.6 billion) and in 2018 to AED 91.75 billion ( 25 billion USD).
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