Dubai: The Dubai Diamond Exchange (DDE), a subsidiary of DMCC has announced the successful conclusion of the first of six tenders scheduled for 2017. The tender was held at the Almas Tower and was facilitated by the Dubai Diamond Exchange in a secure, transparent and regulated environment, which resulted in 50,000 carats worth of rough diamonds being sold, says a press release from DMCC.
The DMCC’s collaboration with Trans-Atlantic Gem Sales (TAGS) saw more than 130 buyers attended the 12-day event. The partnership will see TAGS organise six rough diamond tenders in Dubai in 2017. Commenting on the series of tenders, Gautam Sashittal, Chief Executive Officer of DMCC, said:“Dubai is one of the world’s top three diamond trading hubs and recorded a rough diamond imports rise of 16% to $6.3 billion in 2016 and DMCC has contributed significantly to that growth. The Dubai Diamond Exchange, a DMCC platform, provides industry participants with the infrastructure, and regulatory framework they require to grow, while leveraging Dubai’s unique geographic position between producing and consuming markets across East and West.”
Through this sales platform, artisanal suppliers with smaller productions are able to market their goods alongside larger industrial miners. This tender featured diamonds from South Africa’s West Coast, which is renowned for its clarity and quality, says the press note.
Reflecting on Dubai’s ability to connect the industry’s global supply chain, Mike Aggett, General Manager of TAGS, said:
“Dubai is an important trading hub for TAGS, featuring not only a robust customer base but also a unique ability to access and connect markets across the globe. By collaborating with the Dubai Diamond Exchange, miners and producers of all sizes and scales have an exceptional opportunity to enter the global supply chain through Dubai, and reach a wider market.”
