DMCC Holds Dubai Diamond Presentation

Competition to sell the Dubai cut diamond is increasing. The Dubai Metals and Commodities Centre (DMCC) held a presentation today for over 100 Dubai-based diamond merchants, many of whom hope to be the sole seller of the recently launched diamond.

The three-year license will be awarded to only one member. The successful applicant will be the seller who not only offers the best bid for the jewel, but also meets the stringent criteria mandated by the terms of the tender.

Traders who want to apply for the tender must be DMCC members with at least one retail jewelry store operating in the UAE. The minimum bid has been set at $30,000 a year for a fixed three-year period. Bids will be considered by a committee of DMCC and Kristall representatives. However, the terms for the price and supply of the diamond will be negotiated directly between the Russian polisher and the winning applicant, reports Strategiy.com.  

The 99 faceted diamond, inspired by the 99 names of Allah, will be exclusively produced by the Russian polisher Kristall Corporation.  

Kristall will produce a limited number of about 1500 Dubai Cut stones annually. Each diamond will be laser-inscribed with a serial number and will be presented with a certificate of authenticity stating that the stone is mined, cut and polished in Russia and meets the highest quality standards. The basic characteristics of the stone (color, clarity and weight) will also be included.