Rapaport Diamond Corporation and Dubai Multi Commodities Centre (DMCC) have announced the largest polished diamond auction in Dubai’s history by number of lots.

Over 3,200 lots of polished diamonds will be offered for sale, including 2,800 lots of single stones and 415 lots of melee. In total, over 50,000 carats of polished diamonds will be offered for sale in the Rapaport auction, a WAM report said.

Martin Rapaport, Chairman of the Rapaport Group, said: “The Rapaport Group recognises and supports the growing importance of Dubai as a primary diamond trading centre for polished diamonds. We are delighted to expand our Dubai viewings of US recycled diamonds to include single stones after having sold hundreds of millions of dollars of melee since 2013.

Recycled diamonds from the US

“Recycled diamonds from the US offer an excellent buying opportunity for international dealers and retailers who want to source diamonds at the best possible prices.”

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, added: “Today's announcement is just the latest step in our long-term strategy to make Dubai the undisputed global capital for diamonds. Through collaborations with organisations such as the Rapaport Diamond Corporation, and by remaining agile in terms of expanding the Dubai Diamond Exchange's (DDE) code of conduct, we continue to work with market stakeholders to provide optimal conditions for transparent, ethical trade.

“In the past few years, we have seen record growth of diamonds traded through the DDE, with $38.3 billion in combined rough and polished trade last year, including a 32% increase in polished diamonds. We are therefore delighted to welcome Rapaport to the DDE for this historic diamond auction, the largest in Dubai's history by number of lots, as we continue to set the benchmark for the services and value that diamond traders need to grow and prosper – and ultimately reinforce Dubai’s status as the world’s premier diamond trade hub.”

Industry best practices

In 2023, the Dubai Diamond Exchange announced the establishment of the Tender Best Practice Forum (TBPF), a first-of-its-kind and bourse-led initiative that would seek to advance industry best practices for rough diamond tenders in support of buyers and suppliers. In recognition of the growing number of polished diamond tenders, the DDE has recently expanded the TBPF’s Code of Conduct to include polished diamond tenders and auctions, in the process welcoming more companies to the TBPF.

Viewing for the Rapaport auction will take place in DMCC’s Dubai Diamond Exchange in Almas Tower from Sunday, September 22, through Wednesday, September 25. The auction will be in a tender format across the exchange’s 41 tables, closing on October 1. Bidding will be online, enabling international buyers to offer on hundreds of diamonds with GIA grading reports with detailed images and video scans.

Additional single-stone auctions will take place in Dubai on the following dates:

October 20 to 23

November 17 to 20

December 15 to 18.

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