MENA Newswire News Desk: Rapaport Diamond Corporation and Dubai Multi Commodities Centre (DMCC) announced the largest polished diamond auction in Dubai’s history by the number of lots. The auction, to be held in the Dubai Diamond Exchange, will feature over 3,200 lots of polished diamonds, including 2,800 lots of single stones and 415 lots of melee diamonds. More than 50,000 carats will be available for international buyers.
Martin Rapaport, Chairman of the Rapaport Group, highlighted the significance of Dubai as a growing hub for diamond trade. “We recognize Dubai’s increasing role in the global diamond market. Expanding our viewings of US recycled diamonds to include single stones reflects the opportunities for dealers and retailers worldwide,” Rapaport said.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, emphasized that this auction is part of a broader strategy to position Dubai as the world’s leading diamond trade center. “Collaborating with organizations like Rapaport enables us to provide transparent, ethical trade conditions. Last year, Dubai saw $38.3 billion in rough and polished diamond trade, with polished diamonds growing 32%,” he said.
The auction will take place at DMCC’s Dubai Diamond Exchange in Almas Tower from September 22 to September 25. Bidding will occur online, providing international buyers access to hundreds of diamonds with GIA grading reports and detailed video scans. This is part of a series of auctions planned in Dubai, with additional events set for October 20-23, November 17-20, and December 15-18.
DMCC’s continued efforts to expand its Tender Best Practice Forum (TBPF) Code of Conduct to polished diamond tenders are attracting more companies to the market. The TBPF was established in 2023 to improve industry practices for rough diamond tenders, and the recent expansion aims to cover polished diamonds as well. This historic auction reinforces Dubai’s status as a premier global diamond hub, marking a significant moment in its strategic development within the diamond trade industry.