DMCC has unveiled the “redesigned and upgraded” Dubai Diamond Exchange (DDE) auction facility, which it describes as “the world’s largest diamond trading floor”.

The facility, which has 41 tables, fully secured with cameras, state-of-the-art technology and specialist lighting, is located at the Almas Tower in Jumeirah Lakes Towers, Dubai, UAE. It can host 200 buyers at one time, and enables DDE to host multiple tenders simultaneously.

“DDE remains the only World Federation of Diamond Bourses (WFDB) accredited exchange in the Middle East,” DMCC said when announcing the launch. “The expansion of the facility is set to drive a sharp rise in the number of auctions held in Dubai, and boost sales and trade flows through the emirate.”

The launch was held in the presence of a select number of invitees, including Presidents of the WFDB; representatives of major mining companies, Stargems and Trans Atlantic Gems Sales; and the guests were taken on a tour of the facility following the inauguration ceremony.

“The DDE continues to be the ideal partner for industry specialists looking to examine, buy and sell diamonds and precious stones,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC. “Over the years, it has gained the support of diamond buyers and sellers through its professional environment, strict regulatory requirements and safety measures, which have allowed it to become one of the most trusted diamond trading floors in the region and beyond.” 

Notably, the DMCC has taken care to ensure that the auction facility “creates ideal conditions for the coloured gemstone trade industry”. This industry faced problems earlier, as most buildings in Dubai have tinted windows. The DMCC solved the issue by having the DDE fitted with white crystal windows “to enable potential buyers to examine and assess coloured stones without concerns related to reflective light”. This means that the DDE will now be able to host ruby and sapphire tenders in the future.  

Bin Sulayem added, “As we move forward, our priority remains to constantly modernise our infrastructure, services and products so that DMCC remains one of the largest and most influential diamond trading hubs in the world. We are confident that housing the world’s largest diamond tender facility will support us in this journey.”

Bin Sulayem’s words underline Dubai’s aim to become the world’s biggest international diamond trading hub by 2023. “The emirate has come from virtually zero transactions in diamond trading in the late 1990s, to US$ 3.6 billion in 2003, and now over US$ 25 billion in 2018,” DMCC said. “In 2018, the DDE alone held 29 diamond tenders, valued at around US$ 330 million, which is a 75% increase compared to 2017.”

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