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DMCC eyes more auctions after diamond bourse upgrade

26 September 2019


The upgraded Dubai Diamond Exchange auction facility

 

The revamped Dubai Diamond Exchange (DDE) facility, which features the world’s largest diamond trading floor, is expected to host a greater number of auctions, including coloured gemstone tenders, according to the Dubai Multi-Commodities Center (DMCC).

The diamond bourse, located at the Almas Tower, now has 41 tables that are fully secured with cameras and specialist lighting for more efficient examination of stones. The facility is fitted with white crystal windows to enable potential buyers to examine and assess coloured stones without reflective light. As such, DDE can now host ruby and sapphire tenders moving forward.  

DMCC said the exchange can accommodate 200 buyers at a time and host multiple tenders simultaneously. 

“The DDE continues to be the ideal partner for industry specialists looking to examine, buy and sell diamonds and precious stones. Over the years, it has gained the support of diamond buyers and sellers through its professional environment, strict regulatory requirements and safety measures, which have allowed it to become one of the most trusted diamond trading floors in the region and beyond,” noted Ahmed Bin Sulayem, executive chairman and CEO of DMCC.

Dubai aims to become the world’s biggest international diamond trading hub by 2023. Dubai’s diamond trade grew from US$3.6 billion in 2003 to over US$25 billion in 2018. Last year, the DDE alone held 29 diamond tenders valued at around US$330 million, a 75 percent jump from 2017.