Dubai aims to become the world's biggest international diamond trading hub by 2023
Dubai Multi Commodities Centre (DMCC) on Wednesday unveiled its upgraded Dubai Diamond Exchange (DDE) auction facility, the world’s largest diamond trading floor located in Jumeirah Lakes Towers.
Comprising 41 tables, fully secured with cameras, technology and specialist lighting, the auction facility is the largest of its kind in the world.
Able to host 200 buyers at one time, the DDE has capacity to host multiple tenders simultaneously, a statement said.
DDE remains the only World Federation of Diamond Bourses (WFDB) accredited exchange in the Middle East and its expansion is set to drive a sharp rise in the number of auctions held in Dubai, and boost sales and trade flows through the emirate, the statement added.
The auction facility also creates ideal conditions for the coloured gemstone trade industry by offering solutions to technical problems faced in Dubai, namely tinted windows found in most buildings.
The DDE is fitted with white crystal windows to enable potential buyers to examine and assess coloured stones without concerns related to reflective light. As a result, the DDE will now be able to host ruby and sapphire tenders moving forward.
Dubai aims to become the world’s biggest international diamond trading hub by 2023. The emirate has come from virtually zero transactions in diamond trading in the late 1990s to $3.6 billion in 2003 and now over $25 billion in 2018.
In 2018, the DDE alone held 29 diamond tenders, valued at around $330 million, which is a 75 percent increase compared to 2017.