Largest polished diamond auction in Dubai with 3,200 pieces

Dubai Multi Commodities Centre (DMCC) and Rapaport Diamond Corporation, a leading diamond sector company, today announced the launch of the largest polished diamond auction in the history of the Emirate of Dubai in terms of the number of pieces offered.

The Rappaport auction will witness the display of more than 3,200 pieces of polished diamonds for sale, including 2,800 single stones and 415 small pieces, with a total weight exceeding 50,000 carats of polished diamonds.

Martin Rappaport, Chairman of Rappaport Group, announced the expansion of the group’s business in Dubai, in the field of recycled diamonds in the United States, by displaying a collection of single pieces.

He said the move comes after the group’s sales of small diamonds generated revenues of hundreds of millions of dollars since 2013.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Today’s announcement represents a new step in our long-term strategy to establish Dubai as a leading global diamond trading capital.

He added that the past years have witnessed record growth in the movement of diamond trade through the Dubai Diamond Exchange, and the value of trade in rough and polished diamonds during the past year reached 38.3 billion dollars, while the value of trade in polished diamonds alone increased by 32%.

He explained that this historic auction, the largest of its kind in Dubai’s history in terms of the number of pieces on display, comes in conjunction with efforts to establish Dubai’s position as a landmark in providing the best services that diamond traders need to grow and flourish their businesses, which contributes to strengthening its leadership as a diamond trading centre worldwide.

The Rappaport auction will be held at the Dubai Diamond Exchange, a subsidiary of the Dubai Multi Commodities Centre, in Almas Tower, from September 22 to 25, according to the bidding system on the exchange’s 41 tables, and will close finally on October 1.

Bidding is conducted online, allowing international buyers to bid on hundreds of diamonds accompanied by GIA grading reports, detailed photographs and video scans of the pieces on offer.

Additional single stone auctions will be held in Dubai on October 20-23, November 17-20, and December 15-18.