Dubai Diamond Exchange Signs Tenders Deal With StargemsFebruary 18, 18
(IDEX Online) – The Dubai Multi Commodities Centre (DMCC) a leading global free zone for trade and enterprise, announced that the Dubai Diamond Exchange (DDE) has signed a strategic partnership with Stargems, which specializes in the sourcing and supply of fine diamonds, to host rough diamond tenders this year.
The agreement enables international members, miners and suppliers to trade and distribute rough diamonds at Stargems events hosted at DDE’s state-of-the-art headquarters in Almas Tower, Dubai, which is the only World Federation of Diamond Bourses (WFDB) accredited exchange in the Middle East.
“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," said Ahmed Bin Sulayem, Executive Chairman, DMCC. "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.”
The DMCC said that Dubai is one of the world’s top three diamond hubs, and recorded diamond trading with a value of $26 billion in 2016.
“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,” said Stargems Group Chairman Shailesh Javeri.
“The business case is clear. 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,” Javeri added.
The DDE hosted tenders attended by over 130 international buyers in 2017 with the opening in November of Almas Diamond Services DMCC – the UAE’s first state of the art diamond polishing facility – which has further strengthened the Dubai Diamond Exchange’s global standing, the DMCC added.
Pictured above: Senior officials from Stargems and the DMCC following the signing ceremony.