10 Nov 2018
(IDEX Online) – The Dubai Diamond Exchange (DDE), a subsidiary of DMCC, the world’s flagship Free Zone and Dubai government authority on commodities trade and…
(IDEX Online) – The Dubai Diamond Exchange (DDE), a subsidiary of DMCC, the world’s flagship Free Zone and Dubai government authority on commodities trade and enterprise, in collaboration with Stargems Group, completed six successful rough diamond tenders of SACIM goods (Anhui-Congo Mining Investment Company) with over 2 million carats sold.
The tenders were held at the Almas Tower with around 200 diamond companies in attendance and were facilitated by the Dubai Diamond Exchange in a secure, transparent and regulated environment, the DDE said.
Earlier this year, DMCC signed a strategic partnership with Stargems, which specializes in the sourcing and supply of fine diamonds, to host a series of rough diamond tenders. The agreement enables members, miners and suppliers from around the world to trade and distribute rough diamonds at Stargems’ events hosted at DDE’s headquarters in Almas Tower.
The six tenders offered clients the opportunity to bid for rough diamonds from Angola, the Democratic Republic of Congo and South Africa. More than 2 million carats were sold at the tenders, “which achieved prices and volume expectations and reflect the constant demand for rough diamonds and the positive sentiment across the industry”.
In the first nine months of 2018, the DDE recorded a 75% increase on the year in rough diamond tenders with total sales of just under $200 million.
“A combination of Dubai’s unique geographic position between producing and consuming markets and DDE as a leading diamond trading hub in the centre of the region has helped Stargems secure strong volume and sales for their diamonds,” said Ahmed Bin Sulayem, Executive Chairman of the DMCC and the DDE. “Our partnership with Stargems is part of our ongoing efforts to present real and tangible opportunities for members of the diamond industry, and bridges the gap between the diamond producing nations and the manufacturers. These are essential in helping traders conduct their business safely, efficiently and confidently.”
“Dubai is the third biggest diamond trading hub in the world with USD 16.7 billion of rough diamonds traded in 2017, and will continue to play a central role for the diamond trade” Bin Sulayem added.
Shailesh Javeri, Group Chairman and Founder of Stargems Group, said: “Since we started our operations and collaborated with DMCC in early 2018, we have experienced continuous growth. We continue to enjoy an increasing number of participants from across the leading diamond centers. Our partnership with the DDE will undoubtedly enable us to continue this growth trend.”