Rapaport And DMCC Launch Dubai's Largest-Ever Polished Diamond Auction With Over 3,200 Lots

The Rapaport Diamond Corporation and Dubai Multi Commodities Centre (DMCC) have announced a significant event in Dubai's diamond history. They will host the largest polished diamond auction by number of lots. This auction will feature over 3,200 lots, including 2,800 single stones and 415 melee lots, totalling more than 50,000 carats of polished diamonds.

Martin Rapaport, Chairman of the Rapaport Group, expressed support for Dubai's growing role in the diamond trade. He stated, "The Rapaport Group recognises and supports the growing importance of Dubai as a primary diamond trading centre for polished diamonds. We are delighted to expand our Dubai viewings of US recycled diamonds to include single stones after having sold hundreds of millions of dollars of melee since 2013. Recycled diamonds from the United States offer an excellent buying opportunity for international dealers and retailers who want to source diamonds at the best possible prices."

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, highlighted Dubai's ambition to become a global diamond hub. He remarked that this announcement aligns with their strategy to position Dubai as the leading centre for diamond trade worldwide. Collaborations with entities like Rapaport Diamond Corporation and expanding the Dubai Diamond Exchange's (DDE) code of conduct are part of this vision.

In recent years, the DDE has experienced substantial growth in diamond trading. Last year alone saw USD 38.3 billion in combined rough and polished trade, with a notable 32 percent rise in polished diamonds. The partnership with Rapaport for this historic auction underscores Dubai's commitment to providing top-notch services for diamond traders.

This year, the DDE introduced the Tender Best Practice Forum (TBPF), aimed at improving industry standards for rough diamond tenders. Recognising the increase in polished diamond tenders, they have expanded TBPF’s Code of Conduct to include these auctions as well. This move welcomes more companies into the forum.

The upcoming auction will be held at DMCC’s Dubai Diamond Exchange in Almas Tower from September 22 to September 25. The tender format will utilise all 41 tables at the exchange and conclude on October 1. Bidding will occur online, allowing international buyers access to hundreds of diamonds with GIA grading reports and detailed images.

Future Auctions Scheduled

Additional single-stone auctions are planned in Dubai later this year on October 20-23, November 17-20, and December 15-18. These events aim to further strengthen Dubai’s status as a premier destination for diamond trading.

The collaboration between Rapaport Diamond Corporation and DMCC marks a pivotal moment for Dubai's diamond market. By hosting such large-scale auctions and enhancing industry practices through initiatives like TBPF, they continue to solidify their position as a leading global hub for ethical and transparent diamond trade.

With inputs from WAM