Upgraded Dubai Diamond Exchange Revealed

Upgraded Dubai Diamond Exchange revealed

The Dubai Diamond Exchange's newly upgraded auction facility was revealed on Wednesday, in a bid to drive a rise in the number of auctions held in Dubai, and boost sales and trade flows through the emirate

DUBAI, (Pakistan Point News - 25th Sep, 2019) The Dubai Diamond Exchange's newly upgraded auction facility was revealed on Wednesday, in a bid to drive a rise in the number of auctions held in Dubai, and boost sales and trade flows through the emirate.

DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, today unveiled the redesigned and upgraded facility located at the Almas Tower in Jumeirah Lakes Towers, Dubai.

The facility comprises 41 tables, fully secured with cameras, state-of-the-art technology and specialist lighting. It is the largest of its kind in the world and can host 200 buyers at one time, with the capacity to host multiple tenders simultaneously.

The Dubai Diamond Exchange, DDE, remains the only World Federation of Diamond Bourses, WFDB, accredited exchange in the middle East. A select number of invitees, including Presidents of the WFDB, major mining companies, Star gems and Trans Atlantic Gems Sales, received a tour of the facility following the inauguration ceremony.

"The DDE continues to be the ideal partner for industry specialists looking to examine, buy and sell diamonds and precious stones. Over the years, it has gained the support of diamond buyers and sellers through its professional environment, strict regulatory requirements and safety measures, which have allowed it to become one of the most trusted diamond trading floors in the region and beyond," said Ahmed bin Sulayem, Executive Chairman and CEO, DMCC.

The DDE is fitted with white crystal windows to enable potential buyers to examine and assess coloured stones without concerns related to reflective light. As a result, the DDE will now be able to host ruby and sapphire tenders moving forward.

Dubai aims to become the world’s biggest international diamond trading hub by 2023. The emirate has come from virtually zero transactions in diamond trading in the late 1990s, to US$3.6 billion in 2003, and now over $25 billion in 2018. In 2018, the DDE alone held 29 diamond tenders, valued at around $330 million, a 75 percent increase compared to 2017.