Dubai Cut Diamond License is up for bid

More than 100 Dubai-based diamond merchants attended a Valentines Day presentation by the Dubai Metals and Commodities Centre (DMCC) on the Dubai Cut diamond, in the run up to bid for a license to sell the cut. The DMCCs presentation was held on Valentines Day, in effort to highlight the exclusivity and unique value of the Dubai Cut as a special gift.

The DMCC said ,� we would award a three-year license to sell the Dubai Cut diamond to one member, who not only offers the best bid for the jewel, but also meets the stringent criteria laid down by the conditions of the tender.� Diamond traders wishing to apply for the tender must be registered DMCC members who are in good financial standing with DMCC. In order to fit the criteria, they must also have at least one retail jewelry store in full operation in the United Arab Emirates. The minimum bid has been set at $30,000 per annum for a fixed three-year period.

�The total annual production of the Dubai Cut diamond will be around 1,500 stones,� said Ahmed Bin Sulayem, DMCC chief operating officer, in order to ensure that the cut remains scarce and desirable. "We are overwhelmed by the enthusiastic response from the diamond industry to participate in this tender. The prestige of selling this remarkable jewel will be accorded to the DMCC member who best meets the conditions laid down for participating in the tender," added Sulayem.