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| 18 February, 2018

Dubai Diamond Exchange, Stargems sign partnership

Dubai Diamond Exchange to host a series of rough diamond tenders in 2018.

Image used for illustrative purposes. An employee poses with the Archduke Joseph diamond during an auction preview at Christie's in Geneva November 8, 2012. The 76 carat diamond is expected to fetch between 15 million and 20 million US dollars as it auctions in Geneva on November 13th REUTERS/Valentin Flauraud

Image used for illustrative purposes. An employee poses with the Archduke Joseph diamond during an auction preview at Christie's in Geneva November 8, 2012. The 76 carat diamond is expected to fetch between 15 million and 20 million US dollars as it auctions in Geneva on November 13th REUTERS/Valentin Flauraud

REUTERS/Valentin Flauraud

DUBAI- The Dubai Multi Commodities Centre, DMCC, has announced that its Dubai Diamond Exchange, DDE, today signed a strategic partnership with Stargems, specialised in the sourcing and supply of the finest diamonds, to host a series of rough diamond tenders in 2018.

The agreement enables international members, miners and suppliers to trade and distribute rough diamonds at Stargems events hosted at DDE’s headquarters in Dubai, the only World Federation of Diamond Bourses, WFDB, accredited exchange in the Middle East. "

Dubai has fast emerged as one of the world’s top three diamond centres, and we are always looking at ways of nurturing and growing this footprint by connecting producers with buyers along the Dubai – Africa axis and beyond.

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The Stargems collaboration is of course a welcome initiative as it further underscores Dubai and DDE’s position as the global destination of choice for the diamond industry," Ahmed bin Sulayem, Executive Chairman of DMCC, said. One of the world’s top three diamond hubs, the DDE sits at the centre of Dubai’s diamond trading industry valued at US$26 billion in 2016. "This is an exciting chapter for Stargems and we are thrilled to partner with the DDE, a facility that is synonymous with the highest possible industry standards," Shailesh Javeri, Chairman of Stargems Group, said. "The business case is clear.

Diamond tenders are an increasingly important sales mechanism for us, through these tenders, we hope to bridge the gap between the diamond producing nations and the manufacturing units in Asia. This partnership will guarantee a secure and transparent tendering process in a regulated environment provided by the DDE," Javeri added.

© Copyright Emirates News Agency (WAM) 2018.