Dubai’s DMCC unveils world’s largest diamond trading floor

Dubai Multi Commodities Centre (DMCC) has unveiled its upgraded Dubai Diamond Exchange (DDE) auction facility, which now stands as the world’s largest diamond trading floor, it announced.

Located at the Almas Tower in Jumeirah Lakes Towers, the facility includes 41 tables that are “fully secured with cameras”, technology and specialist lighting, a statement said.

Able to host 200 buyers at one time, the DDE has capacity to host multiple tenders simultaneously.

DDE is currently the only exchange accredited by the World Federation of Diamond Bourses (WFDB) in the Middle East. The expansion of the facility is aimed at increasing the number of auctions held in Dubai, and boost sales and trade flows through the emirate, the statement said.

The facility is also fitted with white crystal windows to enable potential buyers to examine and assess coloured stones without concerns related to reflective light. As a result, the DDE will now be able to host ruby and sapphire tenders moving forward.

The DDE will continue to cater to industry specialists looking to examine, buy and sell diamonds and precious stones, said Ahmed Bin Sulayem, executive chairman and CEO of DMCC.

Dubai aims to become the world’s biggest international diamond trading hub by 2023. The emirate seen diamond trading grow from from virtually zero transactions in the late 1990s, to $3.6bn in 2003, and over $25bn in 2018.

In 2018, the DDE held 29 diamond tenders, valued at around $330m, a 75 per cent increase compared to 2017.

“Our priority remains to constantly modernise our infrastructure, services and products so that DMCC remains one of the largest and most influential diamond trading hubs in the world,” said Sulayem.