Dubai's DMCC to host six diamond tenders starting January 14

The emirate has become a leading diamond hub, with trade rising from $3.6bln in 2003 to $22.87bln in 2019

  
DMCC’s Dubai diamond exchange to host six diamond tenders in January 2021. Image courtesy Dubai Media Office Twitter handle.

DMCC’s Dubai diamond exchange to host six diamond tenders in January 2021. Image courtesy Dubai Media Office Twitter handle.

The Dubai Multi Commodities Centre (DMCC) will host six diamond tenders in its Dubai Diamond Exchange, through this month, starting January 14.

Throughout the month, three new companies will be hosting tenders on the new DDE’s floor for the first time - IHenning, KOIN International and Choron / Bonas Group - in addition to regular long-term hosts Trans Atlantic Gems Sales (TAGS), Stargems and Rapaport, DMCC said in a statement Wednesday.

Ahmed Bin Sulayem, executive chairman and chief executive, DMCC, said: “At the start of a new year, we are pleased to be welcoming diamond traders to Dubai to participate in a series of rough diamond tenders, in what we believe is a boost of confidence for the industry.”

The emirate has become a leading diamond hub, with trade rising from 13.2 billion dirhams ($3.6 billion) in 2003 to 84 billion dirhams in 2019. The recent Memorandum of Understanding signed between the DMCC and the Israel Diamond Exchange, is set to further boost regional trade and support the growth of the global diamond industry.

In December 2020, DMCC hosted the largest rough diamond tender ever to take place in the UAE. The tender was organised by Stargems DMCC and a total of 379,912 carats of rough diamonds were sold, valued at $87.47 million (AED 321.29 million) with 115 winning customers.

(Reporting by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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© ZAWYA 2021

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