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DMCC to host world’s 1st diamonds tender on DDE

DMCC to host world’s 1st diamonds tender on DDE
The tender is organised and managed by Tony’s Auction World

UAE – Mubasher: Dubai Multi Commodities Centre (DMCC) said it will host the world’s first rough laboratory-grown diamonds tender on its Dubai Diamond Exchange (DDE) in Almas Tower, Dubai.

The tender, running from 11 to 13 May, comes in line with DMCC’s strategy to attract, facilitate, and drive new trade flows through Dubai, DMCC, the world’s leading Free Zone for commodities trade and enterprise, said in a statement on Wednesday.

The tender is organised and managed by Tony’s Auction World, diamond traders based in Hong Kong, with viewings of chemical vapour deposition (CVD) rough lab-grown diamonds – approximately 50,000 carats in 55 parcels.

Image result for Dubai Diamond Exchange LOGO

“DMCC is delighted to host this tender on its inclusive diamond trading platform and by doing so, drive new trade flows through Dubai,” Ahmed bin Sulayem, CEO of DMCC, commented.

DDE, which is a member of the World Federation of Diamond Bourses (WFDB), is subject to all the organisation’s laws and must be compliant with its stringent regulations.

“It is encouraging to see DDE host more tenders than ever before in 2019. Our commitment to facilitating open and transparent trade is unwavering, as is our support for the natural diamond industry,” bin Sulayem added.

Lab-grown diamonds make up around 2% of the total diamond jewellery market, but production is growing by 15-20% a year, according to recent research conducted by Bain.