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Trans Atlantic Gem Sales to Bring Series of Rough Diamond Tenders to Dubai Diamond Exchange

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The collaboration will see regular run-of-mine supply from global mines traded through the Dubai Diamond Exchange


The Dubai Diamond Exchange (DDE), a subsidiary of DMCC, today announced it is collaborating with Trans Atlantic Gem Sales (TAGS) who is to bring a series of international rough diamond tenders to the DDE in Almas Tower.

The collaboration will see TAGS organise six rough diamond tenders in 2017 with a view to hosting more in 2018. Members, miners and traders can participate by distributing and selling their goods through these tenders in a secure, transparent and regulated environment provided by the DDE, the only bourse in the GCC affiliated with the World Federation of Diamond Bourses.

“Dubai has fast developed into one of the world’s top three diamond trading hubs, and the Dubai Diamond Exchange has been instrumental in achieving this growth. As a key market maker for rough diamonds we welcome strong partnerships like these, and wish TAGS every success in connecting markets and industry participants here in Dubai,” said Gautam Sashittal, Chief Executive Officer, DMCC.

“We have assembled a team that harnesses a broad range of capabilities and know-how covering the full range of services required to execute these types of international rough diamond tenders, and believe that the ability to offer buying opportunities of consistent and regular productions in a convenient and professional environment, will benefit both buyers and producers alike. We very much look forward to working with our valued customers going forward”, said Mike Aggett – General Manager TAGS.

Through the sales platform developed by TAGS and DDE, suppliers with smaller productions will be able to present goods alongside larger productions and benefit from the wider market exposure typical of larger sales events. Larger producers will similarly benefit from the increased interest arising from the inclusion of complementary goods. Buyers will be able to maximise the value of their viewing time with exposure to a wider range of goods.

“Diamond tenders and auctions are increasingly popular as a sales mechanism for large and small producers to maximise returns and understand the value of their production in the market. By developing a transparent sales platform, producers will be able to stay in close contact with Dubai and increase their trading activities in the region”, stated Franco Bosoni, Director, DMCC Innovation Hub.

“I am excited to be leading such a crucial collaboration with the Dubai Diamond Exchange. DMCC and its Free Zone is a leading international commodity trading hub and offers companies such as ours access to over 80% of international sights buyers, over 1,000 diamond and jewellery companies and a trading environment that combines the very best in infrastructure, regulatory standards and ease of doing business,” added Anthony Peter, founder of TAGS.

The DDE provides its members and industry participants with the appropriate infrastructure, products, services and regulation they require to grow, succeed and trade with confidence; from laboratories through to vaults and transport facilities.

Over the last ten years, the DMCC has led numerous initiatives and efforts across the diamond industry that have propelled Dubai to become one the world’s leading diamond trading hubs and home to over a 1,000 diamond companies. Initiatives led by the Dubai Diamond Exchange, UAE KP office, and other prominent diamond sector bodies, have included diamond-financing seminars, the bi-annual Dubai Diamond Conference and regulatory support through the KP. The culmination of this journey resulted in the UAE being appointed as Kimberley Process Chair in 2016, Chaired by Ahmed Bin Sulayem. The KP Office created and implemented a number of initiatives and collaborations, including the “Africa Initiative” to fast track dialogue among African nations, initiating a series of workshops with the OECD and AWDC on rough diamond valuation, and proposing the creation of a Permanent Secretariat for the KP in the UN.

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