The Dubai Diamond Exchange (DDE), a trade platform of the Dubai Multi Commodities Centre (DMCC), has hosted its first tender of Zimbabwe diamonds at Almas Tower, and boasted record participation in what is the third tender of rough diamonds this year.
The tender has been facilitated by Global Diamond Tenders DMCC in cooperation with the DMCC to deliver more than 400,000 carats of rough diamonds from Anjin, Jinan, DTZ, DMC, Marange Resources, Mbada and Kusena.
Peter Meeus, Chairman, DDE, highlighted: “The DDE has been a key supporter of the diamond trade in Africa over the last decade and it is incredible to see strong international trading relations flourish into what we are experiencing here at the DDE this week. Literally every corner of the exchange is being utilised – from every viewing room to every seat in the trading hall.”
Neil Haddock, MD of Global Diamond Tenders added that over 105 industry participants registered as buyers for the tendered goods on the first day.
Ahmed Bin Sulayem, executive chairman of DMCC, commented: “It is no coincidence that Dubai has emerged as the leading global diamond platform. We have created an incredible infrastructure to directly assist the industry traders and our policies and regulations are strong.”
The DDE is a member of the World Federation of Diamond Bourses and fully complies with the Kimberley Process Certification Scheme, which ensures that all rough diamonds imported to and exported from the country have been mined in a legitimate matter.
The DMCC also recently signed an MoU with the World Diamond Mark (WDM) in a bid to bolster of consumer confidence in diamonds and particularly their sustainable appeal, taking the decision at the inaugural Global Gems and Jewellery Fair (GGJF), which was also hosted by DMCCC in a joint initiative with the Gem & Jewellery Export Promotion Council (GJEPC).
Zimbabwe is also planning to establish its own provisional diamond exchange by mid-year, according to Walter Chidhakwa, the country’s minister for mines and mining development.
“After two or three more auctions we should be able to do an auction in Zimbabwe around June or July, but that depends on the experience we would have put together, and if the buyers who are going to Dubai can be invited to come to Zimbabwe,” he told the Herald.
In December and March, the country also tendered rough diamonds from its Marange operations at the Antwerp Diamond Tender Facility, with the tender in December earning $10.7m from the sale of around 300,000 carats of gems.