Dubai sells 50,000 carats of rough diamonds

City is one of the world’s top three trading hubs, and DMCC has contributed significantly to that growth
(Imaghe: Twitter/DMCCAuthority)
By Staff writer
Wed 17 May 2017 10:31 AM

The Dubai Diamond Exchange (DDE), a subsidiary of DMCC, has successfully concluded the first of six tenders scheduled for 2017, which resulted in 5,000 carats worth of rough diamonds being sold.

As part of DMCC’s collaboration with Trans Atlantic Gem Sales (TAGS), more than 130 buyers attended the 12-day event.

Commenting on the series of tenders, Gautam Sashittal, chief executive officer, DMCC, said: “Dubai is one of the world’s top three diamond trading hubs and recorded a rough diamond imports rise of 16 percent to $6.3 billion in 2016 and DMCC has contributed significantly to that growth.”

Through a unique sales platform developed by TAGS and the DDE, 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.

Marco Wentzel, chairman, Trans Hex, said: “Diamond tenders are vital means to generate revenues and assess the true market value of their goods, especially in a place such as Dubai, which has a unique ability to bring producers and consumers together in one place.”

The DDE is affiliated with the World Federation of Diamond Bourses and has over 1,000 members.

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Last Updated: Sun 21 May 2017 12:03 PM GST

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