The Dubai Diamond Exchange (DDE) and Stargems Group have completed six rough diamond tenders of Anhui-Congo Mining Investment Company goods, with over two-million carats sold.
The tenders were held at the Almas Tower with around 200 diamond companies in attendance and were facilitated by the DDE in a secure, transparent and regulated environment.
AdvertisementDDE parent company, the Dubai Multi Commodity Centre (DMCC), earlier this year, signed a strategic partnership with Stargems, which specialises 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.
AdvertisementThe six tenders offered clients the opportunity to bid for rough diamonds from Angola, the Democratic Republic of Congo and South Africa.
More than two-million carats were sold at the tenders, which met price 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 notable increase in rough diamond tenders and total sales of just under $200-million, a 75% increase compared with 2017.
“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.
“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,” commented DMCC executive chairperson and DDE chairperson Ahmed Bin Sulayem.