Dubai — Mubasher: The Dubai Diamond Exchange (DDE), in collaboration with Stargems Group, announced the completion of six successful rough diamond tenders of SACIM goods (Anhui-Congo Mining Investment Company) with over 2 million carats sold.
Held at the Almas Tower, around 200 diamond companies attended the auction facilitated by the DDE, which is a subsidiary of the Dubai Multi Commodities Centre (DMCC).
Earlier this year, DMCC, the world’s flagship Free Zone and Dubai government authority on commodities trade and enterprise, signed a strategic partnership with Stargems to host a series of rough diamond tenders.
The agreement aims to enable 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 have been 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,” the DDE said in a statement.
In the first nine months of 2018, the DDE's rough diamond tenders and total sales increased by 75% year-on-year to around $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,” DMCC’s executive chairman Ahmed Bin Sulayem said.
The partnership with Stargems is part of ongoing efforts to present real and tangible opportunities for members of the diamond industry, along with plugging the gap between the diamond producing countries and the manufacturers, Bin Sulayem, who doubles as DDE’s chairman, added.
Dubai, the UAE’s second-biggest sheikhdom, is the world’s third-biggest diamond trading hub with $16.7 billion of rough diamonds traded in 2017, according to the statement.
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 centres. Our partnership with the DDE will undoubtedly enable us to continue this growth trend.”
