Dubai, 9 Oct, 05 (WAM) - The Dubai Diamond Exchange (DDE) todayannounced that the Exchange has hosted five rough diamond tenders,valued at over $66 million, this year. A rough diamond is uncutand unpolished. It is estimated that the global annual productionof rough diamond is valued at $9.5 billion.
Ahmed bin Sulayem, Deputy Chairman of DDE said: "In 2005,thus far, 435,000 carats of diamond tenders have been transactedat the Exchange with an approximate value of $66 million. Wesee this as an excellent beginning for the Exchange." He alsoadded that the response to the tenders has been phenomenal bothlocally and internationally. The number of participants has increasedfrom one tender to the next. The number of serious enquirieshas also gone up tremendously in the recent months and this trendis expected to continue, he added, according to a press release.
Sulayem indicated that the exchange plans to host many moretenders of a similar nature which will boost the trade in andthrough out the region. He added: "The variety of goods on offerhas been an added attraction to buyers." DDE was launched byDubai Metals & Commodities Centre (DMCC) as part of its ongoingstrategy to create industry-specific market infrastructure. TheDDE is the first diamond bourse within the Arab region, servinga broader region of growing trade flows beyond the Middle East,facilitating the trade of rough and polished diamonds. Dubaiis set to join leading international diamond centres includingAntwerp, New York and Mumbai.
Ms. Noora Jamsheer, CEO of DDE said: "Dubai's shareof the global market continues to grow and the launch of theDDE demonstrates that it can provide a major impetus to the diamondtrade. She added: "Dubai will undoubtedly attract more businessfor the diamond industry and will soon become a major industryhub for the region and the globe".
