Dubai Diamond Exchange reopens for business

The Dubai Diamond Exchange (DDE) is open for business and ready to host regular activities, including tenders, in line with the easing of restrictions across the Emirate, it was announced today.

In a statement, DDE said the facility where it is located, DMCC (the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise), "has implemented all the latest health and safety guidelines and protocols issued by the UAE government and health authorities. Social distancing measures alongside regular disinfection procedures are in place to guarantee a safe experience for employees and visitors alike."

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Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, "While we continue to navigate a global economic slowdown, we must also be prepared to bounce back. With the gradual easing of restrictions and lockdowns, both locally and globally, business activity is resuming and we are seeing some positive signs of recovery. As such, we have been diligent in our effort to ensure the Dubai Diamond Exchange is ready to accommodate tenders safely, and we look forward to updating the market on its activities in the coming period."

Latest data released by IDEX suggests that polished month-to-month diamond prices for May showed a marked increase of 0.6 per cent, the most significant rise since December 2018.

The trade of precious metals and stones is a key pillar of the UAE’s economic diversification plan. In Dubai, the highest traded commodities by value in 2019 were gold, jewellery and diamonds, which contributed Dhs370 billion, a 7 per cent growth from 2018. While according to the Abu Dhabi General Administration of Customs, the value of trading in precious metals and gemstones in the capital reached Dhs5.42 billion in the first quarter of 2020, up from Dhs4.03 billion year-on-year, representing a 34.4 per cent increase.