Dubai is set to host the largest polished diamond auction in its history, as Rapaport Diamond Corporation and DMCC (Dubai Multi Commodities Centre) announced the sale of over 3,200 lots of polished diamonds.
The auction will feature 2,800 single stones and 415 melee lots, totaling over 50,000 carats of polished diamonds.
Martin Rapaport, Chairman of Rapaport Group, highlighted Dubai's growing importance as a global diamond trading hub.
“We are delighted to expand our Dubai viewings to include single stones,” he said. Rapaport emphasized that recycled diamonds from the U.S. present an excellent buying opportunity for international dealers.
Ahmed Bin Sulayem, Executive Chairman of DMCC, stated,
“This auction is a significant milestone in our strategy to make Dubai the global capital for diamonds.”
He added that through collaborations like this and expansions to the Dubai Diamond Exchange’s (DDE) code of conduct, Dubai continues to set the benchmark for ethical and transparent trade.
The auction will be held at the DDE in Almas Tower from September 22 to 25, with bidding closing on October 1. Bidders worldwide will participate online, with access to detailed reports and video scans. Further single-stone auctions are scheduled for October, November, and December.
This event follows the DDE’s recent expansion of its Tender Best Practice Forum to include polished diamonds, a move designed to uphold industry standards and support continued growth in the diamond trade.
News Source: Emirates News Agency
