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Dubai Multi Commodities Centre (DMCC) and diamond specialist Rapaport Diamond Corporation have announced the launch of the largest polished diamond auction in Dubai’s history in terms of the number of pieces on offer..
The Rappaport auction will feature more than 3,200 polished diamonds for sale, including 2,800 single stones and 415 smaller pieces, with a total weight of more than 50,000 carats of polished diamonds..
“In line with our belief in Dubai’s growing momentum as a leading hub for polished diamonds and our support for its journey in this field, we are pleased to announce the expansion of our US recycled diamond business in Dubai by offering a range of single pieces. This step comes after our sales of small diamonds have generated hundreds of millions of dollars in revenue since 2013, and US recycled diamonds represent a unique opportunity for diamond traders and retailers worldwide to obtain diamonds at the best prices,” said Martin Rappaport, Chairman of Rappaport Group.».
“Today’s announcement marks another step in our long-term strategy to establish Dubai as the world’s leading diamond trading capital. We aim to achieve this by partnering with respected institutions such as Rappaport, maintaining our flexibility by expanding the scope of the Dubai Diamond Exchange Code of Conduct, and continuing to engage with our stakeholders to ensure a transparent and ethical trading environment,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.».
“Over the past few years, we have witnessed record growth in the diamond trade movement through the Dubai Diamond Exchange, with the value of rough and polished diamond trade reaching $38.3 billion last year, while the value of polished diamond trade alone increased by 32%. We at the Dubai Diamond Exchange are pleased to welcome Rappaport to this historic auction, the largest of its kind in Dubai’s history in terms of the number of pieces on display, as we seek to establish ourselves as a benchmark in providing the best services that diamond traders need to grow and flourish their businesses, which contributes to strengthening Dubai’s position as a leading diamond trading hub in the world,” Bin Sulayem added.».
In 2023, the Dubai Diamond Exchange announced the launch of the Tender Best Practices Forum, the first initiative of its kind led by a specialized exchange to adopt best practices in tendering rough and polished diamonds, which will positively impact sellers and buyers. In light of the growing number of polished diamond tenders, the Dubai Diamond Exchange has expanded the scope of the Forum’s Code of Conduct to include polished diamond tenders and auctions in a move aimed at attracting more companies to join the Forum..
The Rappaport auction will be held at the Dubai Diamond Exchange (DDE) of DMCC in Almas Tower from Sunday 22 September to Wednesday 25 September, using a bidding system at the exchange’s 41 tables. The auction will close on 1 October, with bidding taking place online to allow international buyers the opportunity to bid for hundreds of diamonds accompanied by GIA grading reports. (GIA) With detailed photos and video scans of the items on display..
Additional single stone auctions will be held in Dubai on the following dates::
20-23 October
17-20 November
15-18 December
