10 May 2019
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The Dubai Multi Commodities Centre (DMCC), Dubai’s authority on trade, enterprise and commodities, will host a rough lab-grown diamonds tender scheduled for May 11 to 13 at the Dubai Diamond Exchange (DDE).
Organised by Hong Kong-based Tony’s Auction World, the tender will offer approximately 55 parcels of CVD rough lab-grown diamonds of 50,000 carats.
According to Rushabh Mehta, CEO of Tony’s Auction World, this is the first lab-grown diamonds tender in the world. “Lab-grown diamonds offer a different value proposition to natural diamonds and trading them in a regulated and open platform increases the transparency and legitimacy of the sales process. This is a major milestone and testament to both the growing prominence of lab-grown diamonds and their increasing market appeal,” he continued.
As a member of the World Federation of Diamond Bourses, DDE is subject to the organisation’s laws and must be compliant with its stringent regulations. All tenders held through DDE are necessarily regulated, transparent and conducted in accordance with the highest standard of integrity.
“DMCC is delighted to host this tender on its inclusive diamond trading platform and by doing so, drive new trade flows through Dubai,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC.