Rapaport Diamond Corporation and Dubai Multi Commodities Centre (DMCC) are set to conduct the largest polished diamond auction in Dubai.
They said in a joint statement that more than 3,200 lots of polished diamonds will be offered for sale, including 2,800 lots of single stones and 415 lots of melee.
In total, over 50,000 carats of polished diamonds will be placed under the hammer, they said.
Viewing for the auction will take place at the Dubai Diamond Exchange (DDE) in Almas Tower from 22 to 25 September, while bidding will be online.
Additional single-stone auctions will be convened thrice in Dubai between October and December.
DMCC executive chairperson Ahmed Bin Sulayem said this was part of their long-term strategy to make Dubai the undisputed global diamond capital.
“Through collaborations with organisations such as the Rapaport Diamond Corporation and by remaining agile in terms of expanding the DDE’s code of conduct, we continue to work with market stakeholders to provide optimal conditions for transparent, ethical trade,” he said.
Sulayem said they had in the past few years registered a record growth of diamonds traded through the DDE, with $38.3 billion in combined rough and polished trade last year, including a 32% increase in polished diamonds.
“We are therefore delighted to welcome Rapaport to the DDE for this historic diamond auction, the largest in Dubai's history by number of lots, as we continue to set the benchmark for the services and value that diamond traders need to grow and prosper—and ultimately reinforce Dubai’s status as the world’s premier diamond trade hub,” he said.
Rapaport chairperson Martin Rapaport said they are pleased to expand their 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,” he said.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
