Dubai Free Zone to Host Record-Breaking Diamond Auction with 50,000 Carats on Sale

Dubai’s DMCC (Dubai Multi Commodities Centre) and Rapaport Diamond Corporation are set to host the largest polished diamond auction in the city’s history. The event will feature over 3,200 lots, comprising 2,800 single stones and 415 melee lots. In total, more than 50,000 carats of polished diamonds will be available for bidding in what promises to be a landmark sale for the Dubai diamond market.

Martin Rapaport, Chairman of the Rapaport Group, emphasized Dubai’s growing prominence as a global hub for diamond trading, stating, "The Rapaport Group recognizes and supports Dubai’s rising significance as a key center for polished diamond trade."

In 2023, the Dubai Diamond Exchange introduced the Tender Best Practice Forum (TBPF), a groundbreaking initiative aimed at establishing industry best practices for rough diamond tenders, benefiting both buyers and suppliers. With the rise in polished diamond tenders, the DDE has expanded the TBPF’s Code of Conduct to cover auctions and polished diamond tenders, welcoming additional companies into the fold.