Dubai solidifies diamond trading hub status, says DDE

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varda1128The Dubai Diamond Exchange (DDE) has hosted 10 successful diamond auctions to date, further reinforcing Dubai’s position as one of the world’s largest diamond trading hubs, DDE said in a press release.

DDE’s own rough diamond tenders were initiated in 2012 and have grown to a full calendar of tenders throughout 2013, featuring rough diamonds from West Africa, Tanzania, Congo, Zimbabwe and Russia, the exchange added.

Franco Bosoni, director of the Dubai Multi Commodities Centre Commodity Services, explained that the increase in activity at the DDE demonstrates the competitiveness of Dubai and the growing depth of the market.

“Dubai’s location at the centre of the ‘New Silk Route,’ between producing and consuming countries, has made it an appealing choice for traders,” Bosoni said. “It allows them to save time and money, which they can use to view and buy diamonds locally.”

In addition, Rapaport has included Dubai to its international calendar of Melee Auctions this year, hosting three auctions so far at the DDE in Almas Tower, Jumeirah Lakes Towers. The auctions featured mixed, breakout, close-out, and finely assorted diamond parcels in all shapes, qualities and sizes.

Fusion Alternatives, in cooperation with I. Hennig& Co, recently announced the expansion of its international diamond tender business with the launch of operations in Dubai. Their inaugural diamond tender in Dubai from May 5 to 8 featured a selection of polished goods – from melee to large stones – from a wide variety of sources including pawn shops, chain stores, close-outs and exclusive productions. Their rough diamonds include original mine productions including but not limited to the KAO mine in Lesotho, the Guiter mine in Guinea and the Digger productions in Southern Africa.

Earlier in the year, DDE hosted the Diamond Dealers Club of New York (DDC). The DDC showcased its selection of diamonds in a four-day viewing in February. Collections on display included Ishay Ben-David Corporation’s 50-carat pear-shaped diamond, a black diamond necklace and a 13.50-carat fancy yellow diamond ring.

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