DMCC to Hold "First-Ever" Rough Synthetic Diamond Tender
This weekend, May 11 -13, the Dubai Multi Commodities Centre (DMCC) will be hosting what it is calling the "first-ever rough laboratory-grown diamonds tender" on its Dubai Diamond Exchange (DDE). According to a press release, 50,000 carats of Chemical Vapour Deposition (CVD) lab-grown diamonds will be on offer. "The tender is in line with DMCC’s strategy to attract, facilitate and drive new trade flows through Dubai," the organization says.
Tony’s Auction World, a diamond trading outfit based in Hong Kong, will be organizing the tender of approximately 50,000 carats in divided into 55 parcels. The statement says, "As a member of the World Federation of Diamond Bourses (WFDB), DDE is subject to all the organization’s laws and must be compliant with its stringent regulations. All tenders held through DDE are necessarily regulated, transparent and conducted in accordance with the highest standard of integrity." These regulations require that all tender participants must follow a robust due diligence process and provide evidence that lab-grown diamonds are sold and stored separately to natural diamonds. The DDE requires tender participants to clearly disclose and differentiate the product, with lab-grown diamonds and natural diamonds traded entirely separately.
"Our commitment to facilitating open and transparent trade is unwavering, as is our support for the natural diamond industry," says Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC. "Ensuring the integrity of the sales process is of paramount importance, and that is why lab-grown diamonds tenders will only take place on the DDE trading floor when both the seller and buyer can clearly evidence that the disclosure, detection and differentiation process has been adhered to.” Rushabh Mehta, Chief Executive Officer, Tony’s Auction World added: “We are proud to stage in Dubai the first laboratory-grown diamonds tender in the world. Lab-grown diamonds offer a different value proposition to natural diamonds and trading them in a regulated and open platform increases the transparency and legitimacy of the sales process. This is a major milestone and testament to both the growing prominence of lab-grown diamonds and their increasing market appeal.”