TAGS facilitates 50,000 carats worth of rough diamond tenders at Dubai Diamond Exchange

The Dubai Diamond Exchange (DDE), a subsidiary of DMCC, today announced the successful conclusion of the first of six tenders scheduled for 2017. The tender was held at the Almas Tower and was facilitated by the Dubai Diamond Exchange in a secure, transparent and regulated environment, and resulted in 50,000 carats worth of rough diamonds being sold.

As part of DMCC’s collaboration with Trans Atlantic Gem Sales (TAGS), more than 130 buyers attended the 12-day event. The partnership will see TAGS organise six rough diamond tenders in Dubai in 2017. 

Commenting on the series of tenders, along with DMCC’s ongoing collaboration with TAGS, Gautam Sashittal, Chief Executive Officer of DMCC, said: “Dubai is one of the world’s top three diamond trading hubs and recorded a rough diamond imports rise of 16 per cent to US$6.3 billion in 2016, and DMCC has contributed significantly to that growth. The Dubai Diamond Exchange – a DMCC platform – provides industry participants with the infrastructure, and regulatory framework they require to grow, while leveraging Dubai’s unique geographic position between producing and consuming markets across East and West.”

A platform for small producers and industrial miners alike

Through a unique sales platform developed by TAGS and the Dubai Diamond Exchange, artisanal suppliers with smaller productions are able to market their goods alongside larger industrial miners. This tender featured diamonds from South Africa’s West Coast, which is renowned for its clarity and quality. 

“By collaborating with the Dubai Diamond Exchange, miners and producers of all sizes and scales have an exceptional opportunity to enter the global supply chain through Dubai, and reach a wider market,” enthused Mike Aggett, General Manager of TAGS. 

Larger producers taking part in the series of tenders also have a unique opportunity to benefit from the increased interest arising from the inclusion of a wider range of goods. 

Marco Wentzel, Chairman of Trans Hex and shareholder of International Mining & Dredging Holdings – one of the industry’s leading underwater mining operators – also noted: “Diamond tenders are vital means to generate revenues and assess the true market value of their goods, especially in a place such as Dubai, which has a unique ability to bring producers and consumers together in one place. By taking part in this platform, and maintaining the contacts we have cultivated over the past 12 days, we look forward to increasing our trading activities in the region and beyond.”

The Dubai Diamond Exchange (DDE) is the only bourse in the Middle East affiliated with the World Federation of Diamond Bourses (WFDB). It features over 1,000 members today.

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