Dubai Diamond Exchange improves global diamond tenders with world’s first code of conduct
DMCC, the world’s leading free zone and the Dubai Government’s trade and enterprise body, has announced the creation of the Code of Conduct for the Dubai Diamond Exchange (DDE) Best Tender Practices Forum, the world’s largest diamond tendering platform and the official trade body for Dubai’s fast-growing diamond industry.
As an Exchange-led initiative to promote industry best practices for rough and polished diamond tenders in support of both suppliers and buyers, the Tender Best Practices Forum is the first of its kind in the world.
Membership of the Forum is by invitation only and open to DDE members who have held at least two tenders within the 12 months prior to the establishment of the Forum. Current Forum members include Trans Atlantic Gem Sales, Stargems, Koin International, Gem Auctions, Kruger Diamond Traders and Billiton Diamond Auctions, who have held a total of over 60 tenders in Dubai in 2022. Forum members will be able to use the Tender Best Practice Forum logo to demonstrate their role in raising industry standards.
Ahmed Bin Sulayem, executive chairman and CEO of DMCC, said: “As one of the world’s largest trading hubs for rough diamonds, Dubai plays a key role in facilitating global diamond trade and supporting the sustainable growth of the industry. This status offers a significant opportunity to ensure that industry standards continue to improve and best practices are implemented correctly. This is the main objective of our new Best Tender Practices Forum as DMCC continues to strengthen Dubai as a leading market for buying and selling diamonds.”
The Best Tender Practices Forum complements the DDE’s bylaws, which establish a clear and robust framework that allows members to trade with confidence. The DDE’s bylaws also describe various processes and initiatives to strengthen industry governance, including the reconciliation of rough diamond stocks and the mandatory self-assessment under the World Diamond Council’s Assurance Framework. Through these measures, the DMCC promotes a diamond ecosystem that maintains the highest international AML/CFT and trading standards.
With the ability to hold several tenders at the same time, the 41 Dubai Diamond Exchange rooms are constantly in use during cyclical tender periods throughout the year. On average between 100 and 150 companies participate in each tender, creating the best possible conditions for both buying and selling diamonds. The DDE currently has more than 1,200 member companies.
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