The Rapaport Diamond Corporation and DMCC have announced the largest polished diamond auction in Dubai’s history by the number of lots. With over 3,200 lots of polished diamonds, including 2,800 single stones and 415 melee lots, the auction will offer more than 50,000 carats of polished diamonds for sale. Martin Rapaport, Chairman of the Rapaport Group, expressed excitement over expanding the Dubai viewings to include single stones, as recycled diamonds from the United States provide a unique buying opportunity for international dealers and retailers.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, highlighted Dubai’s long-term strategy to establish itself as the global capital for diamonds. Through collaborations with organizations like the Rapaport Diamond Corporation and by continually expanding the Dubai Diamond Exchange’s code of conduct, Dubai aims to provide optimal conditions for transparent and ethical diamond trade. The DDE has seen significant growth in diamonds traded, with USD 38.3 billion in combined rough and polished trade last year, reinforcing Dubai’s status as a premier diamond trade hub.
In 2023, the Dubai Diamond Exchange established the Tender Best Practice Forum (TBPF) to advance industry best practices for rough diamond tenders in support of buyers and suppliers. The DDE has recently expanded the TBPF’s Code of Conduct to include polished diamond tenders and auctions, welcoming more companies to the forum. The viewing for the Rapaport auction will take place in DMCC’s Dubai Diamond Exchange in Almas Tower from September 22-25, with the auction closing on October 1. Bidding will be online, allowing international buyers to bid on hundreds of diamonds with GIA grading reports and detailed images and video scans.
The auction marks a significant milestone in Dubai’s journey to become the global capital for diamonds, with the DDE playing a crucial role in facilitating transparent and ethical trade practices. By hosting the largest polished diamond auction in the city’s history, Dubai aims to attract international buyers and reinforce its position as a prominent hub for the diamond trade. With the expansion of the TBPF’s Code of Conduct to include polished diamond tenders and auctions, Dubai is setting a benchmark for industry best practices and ensuring the growth and prosperity of diamond traders in the region.
The upcoming single-stone auctions in Dubai scheduled for October, November, and December will provide further opportunities for international buyers to source high-quality diamonds at competitive prices. With the growth of the diamond trade in Dubai and the efforts of organizations like the DMCC and Rapaport Diamond Corporation, the city is well on its way to establishing itself as a global leader in the diamond industry. By providing a platform for transparent and ethical trade practices, Dubai aims to attract more companies and buyers to its renowned diamond market, further solidifying its position as the world’s premier diamond trade hub.
