Transatlantic Gem Sales Sells 50,000 Carats Of Rough at Dubai Tender

(IDEX Online) – The Dubai Diamond Exchange (DDE) has completed the first of six tenders scheduled for 2017, with the sale of 50,000 carats of rough goods by Trans Atlantic Gem Sales (TAGS).

The tender, held at the Almas Tower, was facilitated by the DDE, a subsidiary of the Dubai Multi Commodities Centre (DMCC).

As part of DMCC’s collaboration with TAGS, more than 130 buyers attended the 12-day event. TAGS is planning to hold six rough diamond tenders in Dubai in 2017.

Commenting on the series of tenders, along with DMCC’s ongoing collaboration with TAGS, DMCC Chief Executive Officer Gautam Sashittal said: “Dubai is one of the world’s top three diamond trading hubs and recorded a rough diamond imports rise of 16 percent to $6.3 billion in 2016 and DMCC has contributed significantly to that growth. The Dubai Diamond Exchange, a DMCC platform, provides industry participants with the infrastructure, and regulatory framework they require to grow, while leveraging Dubai’s unique geographic position between producing and consuming markets across East and West.”

Through a unique sales platform developed by TAGS and the Dubai Diamond Exchange, artisanal suppliers with smaller productions are able to market their goods alongside larger industrial miners, the DMCC said in a statement. The tender featured diamonds from South Africa’s West Coast, which is renowned for its clarity and quality.

Mike Aggett, General Manager of TAGS, said: “Dubai is an important trading hub for TAGS, featuring not only a robust customer base but also a unique ability to access and connect markets across the globe. By collaborating with the Dubai Diamond Exchange, miners and producers of all sizes and scales have an exceptional opportunity to enter the global supply chain through Dubai, and reach a wider market.”

Marco Wentzel, Chairman of South African diamond miner Trans Hex, said: “Diamond tenders are a vital means to generate revenues and assess the true market value of goods, especially in a place such as Dubai, which has a unique ability to bring producers and consumers together in one place. By taking part in this platform, and maintaining the contacts we have cultivated over the past 12 days, we look forward to increasing our trading activities in the region and beyond.”