Rapaport Diamond Corporation and DMCC have announced the largest polished diamond auction ever held in the emirate’s history. The auction will feature over 3,200 lots of polished diamonds, totalling more than 50,000 carats, and will be held at the Dubai Diamond Exchange (DDE) in Almas Tower. This event marks a strategic expansion of Rapaport’s viewings in Dubai and a growing collaboration with DMCC.
Martin Rapaport, Chairman of the Rapaport Group, said: “The Rapaport Group recognises and supports the growing importance of Dubai as a primary diamond trading centre for polished diamonds. We are delighted to expand our Dubai viewings of US recycled diamonds to include single stones after having sold hundreds of millions of dollars of melee since 2013. Recycled diamonds from the United States offer an excellent buying opportunity for international dealers and retailers who want to source diamonds at the best possible prices.”.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, added: “Today’s announcement is just the latest step in our long-term strategy to make Dubai the undisputed global capital for diamonds. Through collaborations with organisations such as the Rapaport Diamond Corporation, and by remaining agile in terms of expanding the Dubai Diamond Exchange’s (DDE) code of conduct, we continue to work with market stakeholders to provide optimal conditions for transparent, ethical trade.”
The Dubai Diamond Exchange has also expanded its Tender Best Practice Forum’s Code of Conduct to include polished diamond tenders and auctions, further strengthening its position as a leading platform for the diamond industry.
The Rapaport auction will take place from 22nd to 25th September, with online bidding closing on 1st October. Additional single stone auctions are scheduled for October, November, and December.