Dubai Diamond Exchange to host six diamond tenders in January

A rough diamond tender auction held last month fetched $87.5m in sales, according to DMCC

FILE PHOTO: Diamonds are pictured during an official presentation by diamond producer Alrosa in Moscow, Russia Ferbuary 13, 2019. REUTERS/Maxim Shemetov/File Photo

Dubai Multi Commodities Centre will host six diamond tenders at its diamond exchange facility this month to increase the volume of precious stones sold through the centre and attract new buyers.

Three new companies –  iHenning, KOIN International and Choron/Bonas Group – will host their first tenders at DMCC this month.

Long-term hosts Trans Atlantic Gems Sales, Stargems and Rapaport will also hold auctions, DMCC said in on Wednesday.

“The emirate’s strategic location and the tailor-built diamond ecosystem DMCC has developed over the years place us in a position of strength, enabling us to continuously attract buyers and trade to Dubai,” Ahmed Bin Sulayem, executive chairman and chief executive of DMCC, said.

Diamond trade within the free zone jumped to Dh84 billion in 2019, from Dh13.2bn ($3.6bn) in 2003, according to DMCC.

The recent Memorandum of Understanding signed between the DMCC and the Israel Diamond Exchange is also expected to support the growth of the local diamond industry.

“We will be offering over 130,000 carats of Angolan and Russian goods with an extensive product range,” Rajesh Gandhi, chief executive of Choron Group, said.

In December, DMCC hosted the largest rough diamond tender ever in the UAE, organised by Stargems DMCC. A total of 379,912 carats of rough diamonds were sold, valued at $87.47 million with 115 winning customers. Over 250 companies participated in the tender.

DMCC registered 2,050 new companies last year, a five-year high for the free zone.

The free zone operator attributed the spike to its business support package, which is aimed at providing relief to new and existing companies during the Covid-19 pandemic.