The DMCC has unveiled the redesigned Dubai Diamond Exchange (DDE) in the Almas Tower. The DMCC says the redesigned trading floor is the largest in the world.
The new facility has 41 tables, secured with cameras, state-of-the-art technology and specialist lighting and can host 200 buyers at once. Although it is designed for diamond trading, the old tinted windows have been replaced by white crystal windows to facilitate trade in colored gemstones. The exchange says that having solved the issue of reflective light, it will be able to host ruby and sapphire tenders.
According to a press release, the expanded facility will lead to an increase in the number of auctions held in Dubai and boost sales and trade through the emirate.
"As we move forward, 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 DMCC executive chairman and CEO Ahmed Bin Sulayem. 'We are confident that housing the world's largest diamond tender facility will support us in this journey."
Dubai aims to become the world's biggest international diamond trading hub by 2023. In 2018, diamond trade in the emirate reached over $25 billion. Last year, the DDE held 29 diamond tenders, valued at around $330 million - a 75 percent increase compared to 2017.