Dubai Diamond Exchange (DDE) has entered into a strategic partnership with Stargems, a specialist in the sourcing and supply of the finest diamonds, to host a series of rough diamond tenders in 2018, thus boosting the flow of rough diamonds through Dubai, the DMCC said in statement.

Under the agreement, international companies, miners and suppliers can trade and distribute rough diamonds at Stargems events hosted at DDE’s state-of-the-art headquarters in Almas Tower.

Dubai’s diamond trading industry was valued at US$ 26 billion in 2016.

Ahmed Bin Sulayem, Executive Chairman, DMCC, said, “Dubai has fast emerged as one of the world’s top three diamond centres, and we are always looking at ways of nurturing and growing this footprint by connecting producers with buyers along the Dubai – Africa axis and beyond. The Stargems collaboration is, of course, a welcome initiative as it further underscores Dubai and DDE’s position as the global destination of choice for the diamond industry.”

Shailesh Javeri, Chairman, Stargems Group, commented, “This is an exciting chapter for Stargems and we are thrilled to partner with the DDE, a facility that is synonymous with the highest possible industry standards.”

Emphasising that the business case is clear, Jhaveri added, “Diamond tenders are an increasingly important sales mechanism for us, through these tenders, we hope to bridge the gap between the diamond producing nations and the manufacturing units in Asia. This partnership will guarantee a secure and transparent tendering process in a regulated environment provided by the DDE.”

DDE hosted tenders attended by over 130 international buyers in 2017.