Dubai Diamond Exchange to hold first tender of LGDs
May 09, 19
The Dubai Multi Commodities Centre (DMCC) announced it will host the first-ever rough laboratory-grown diamond (LGD) tender at its Dubai Diamond Exchange (DDE) in Almas Tower, Dubai, United Arab Emirates (UAE). The tender is "in line with DMCC's strategy to attract, facilitate and drive new trade flows through Dubai," the DMCC said in a statement.
Organised and managed by Tony's Auction World of Hong Kong, the viewing of some 50,000 carats of rough CVD LGDs will take place on May 11-13.
"DMCC is delighted to host this tender on its inclusive diamond trading platform and by doing so, drive new trade flows through Dubai," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
As a member of the World Federation of Diamond Bourses (WFDB), DDE is subject to all the organisation's laws and must be compliant with its stringent regulations. All tenders held through DDE are necessarily regulated, transparent and conducted in accordance with the highest standard of integrity, the DMCC's statement said.
"It is encouraging to see DDE host more tenders than ever before in 2019. Our commitment to facilitating open and transparent trade is unwavering, as is our support for the natural diamond industry. Ensuring the integrity of the sales process is of paramount importance, and that is why lab-grown diamonds tenders will only take place on the DDE trading floor when both the seller and buyer can clearly evidence that the disclosure, detection and differentiation process has been adhered to," Bin Sulayem added.
"We are proud to stage in Dubai the first laboratory-grown diamonds tender in the world. Lab-grown diamonds offer a different value proposition to natural diamonds and trading them in a regulated and open platform increases the transparency and legitimacy of the sales process. This is a major milestone and testament to both the growing prominence of lab-grown diamonds and their increasing market appeal," Rushabh Mehta, Chief Executive Officer of Tony's Auction World said.