DMCC’s largest-ever tender fetches Dhs321.29m in rough diamond sale

DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – announced that it has successfully hosted the largest rough diamond tender ever to take place in the United Arab Emirates (UAE).

A total of 379,912 carats of rough diamonds were sold, valued at $87.47 million (Dhs321.29 million) with 115 winning customers. Over 250 companies participated in the tender and 500 individuals flew into Dubai to take part in the event with delegates from India, Hong Kong, Russia, Israel, Belgium and Lebanon. The record-breaking tender, organised by Stargems DMCC, offered clients the opportunity to bid for rough diamonds from South Africa and Angola over an eight-day period.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “We would like to extend our heartfelt congratulations to Stargems on this extraordinary achievement. Despite the obstacles posed by the pandemic, this record-breaking tender is a tremendous boost of confidence for the entire industry and testament to the strength and resilience of Dubai’s diamond ecosystem. DMCC’s strategic location, unmatched global connectivity and state-of-the-art infrastructure mean that we remain the destination of choice for the international trade. In light of this, we are optimistic about the future of the industry and are confident that Dubai is well on its way to becoming the world’s leading diamond trading hub.”

The tender was held under strict health and safety measures implemented by DMCC, including social distancing measures alongside regular disinfection procedures to ensure a safe experience for everyone.

Shailesh Javeri, Chairman, Stargems Group said: “We are delighted to have run the largest rough diamond auction to be held in the UAE.  We would like to thank the DMCC and the DDE for all their support. Stargems is looking forward to running more auctions in Dubai in 2021.”

In line with its mandate to attract, facilitate and drive new trade flows through Dubai, DMCC has been a driving force in establishing the Emirate as a hub for diamond trade. The Dubai Diamond Exchange is the largest diamond tender facility in the world, providing members and industry professionals with state-of-the-art infrastructure, products and services to grow and trade with confidence.

Earlier, Dubai-based freezone DMCC opened its first representative office in Tel Aviv, Israel, to boost bilateral business opportunities.

Based in the headquarters of the Israeli Diamond Exchange (IDE), the new office will support Israeli businesses from all sectors that are interested in setting up a presence in Dubai and DMCC.

The announcement follows an agreement between Dubai Diamond Exchange (DDE) and IDE signed in September 2020, and is set to “significantly boost diamond trade between Dubai and Israel”, a statement said. DMCC is home to the DDE and over 1,000 companies connected to the diamond trade.

Other sectors that are expected to see an impact include technology, innovation and energy.

“The decision for DMCC to open a representative office in Tel Aviv was a simple one,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC and chairman of the DDE.

“There has been an unprecedented level of interest from Israel in doing business in, with and through Dubai – especially in diamonds. Our expert team in Tel Aviv will work hard to support Israeli companies of all sizes and sectors take advantage of the world-class connections, services and infrastructure available through DMCC,” he added.

Senior representatives of DMCC and the Dubai Gold and Commodities Exchange (DGCX), including Les Male, CEO of DGCX, attended the office opening ceremony after boarding the inaugural commercial direct flight from Dubai to Tel Aviv, Israel, alongside an official UAE government delegation.

Yoram Dvash, president of the IDE and the World Federation of Diamond Bourses (WFDB), said: “This is a historic step that opens up vast economic opportunities for Israel in a whole range of areas, especially diamonds. Having the DMCC representative office in the IDE complex will enable us to work together to realise the full potential of the Israeli diamond industry.”

Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive.