The Dubai Diamond Exchange (DDE) reported strong results of recent rough and polished diamond tenders in Dubai on the back of steady market demand amid uncertainties.
More than 200 companies convened in Almas Tower in Dubai to participate in the three separate tenders, the exchange said.
“It has been a challenging year for the diamond industry overall. However, the success of these tenders showed that there remains healthy demand for rough diamonds if the quality and price on offer are right,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC, Dubai’s authority on trade, enterprise and commodities. DDE is a subsidiary of DMCC.
The high value of stones sold at the tenders reflects the strength of Dubai’s diamond trade, continued DMCC.
The tenders, held between July 16 and 23, were hosted by Rappaport, Stargems and Trans Atlantic Gem Sales.
A newly renovated DDE, with up to 40 tables, fully secured with cameras and specialist lighting for buyers to examine diamonds and precious stones, will be unveiled ahead of DMCC’s flagship Dubai Diamond Conference on September 26.
In 2018, the DDE hosted 27 diamond tenders where AED 1.205 billion (US$328 million) worth of diamonds were traded, up from 13 tenders in 2017. DDE said it is the only exchange in the Middle East accredited by the World Federation of Diamond Bourses.