DDE announces conclusion of first of six tenders for 2017

The tender included small and large-size stones on offer from South Africa’s West Coast
Image Courtesy: DMCC
Image Courtesy: DMCC

The Dubai Diamond Exchange (DDE), a subsidiary of DMCC announced the conclusion of the first of six tenders scheduled for 2017. The tender saw 50,000 carats worth of rough diamonds being sold at the at the Almas Tower. The tender process was facilitated by the Dubai Diamond Exchange in a secure, transparent and regulated environment.

As part of DMCC’s collaboration with Trans Atlantic Gem Sales (TAGS), more than 130 buyers attended the 12-day event. The partnership will see TAGS organise six rough diamond tenders in Dubai in 2017.

Gautam Sashittal, Chief Executive Officer of 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. The Dubai Diamond Exchange, a DMCC platform, provides industry participants with the infrastructure, and regulatory framework they require to grow, while leveraging Dubai’s unique geographic position between producing and consuming markets across East and West.”

Through a unique sales platform developed by TAGS and the Dubai Diamond Exchange, 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.

Mike Aggett, General Manager of TAGS, said, “Dubai is an important trading hub for TAGS, featuring not only a robust customer base but also a unique ability to access and connect markets across the globe. By collaborating with the Dubai Diamond Exchange, miners and producers of all sizes and scales have an exceptional opportunity to enter the global supply chain through Dubai, and reach a wider market.”

Larger producers taking part in the series of tenders also have a unique opportunity to benefit from the increased interest arising from the inclusion of a wider range of goods.

Marco Wentzel, Chairman TRANS HEX and shareholder INTERNATIONAL MINING and DREDGING HOLDINGS, noted that, “By taking part in this platform, and maintaining the contacts we have cultivated over the past 12 days, we look forward to increasing our trading activities in the region and beyond.”


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