DMCC has announced the establishment of a Code of Conduct for Tendering Best Practices Forum under the Dubai Diamond Exchange (DDE), the world’s largest diamond tendering agency and official trade body.
The Tendering Best Practices Forum is an exchange-led initiative to advance industry best practice in rough and polished diamond tenders to support suppliers and buyers and is the first of its kind globally.
Membership in the Forum is by invitation only and is open to DDE members who have tendered at least two times within the 12 months preceding the Forum’s inception. Current members of the forum include Trans Atlantic Gem Sales, Stargems, Koin International, Gem Auctions, Kruger Diamond Traders and Billiton Diamond Auctions, which together have completed more than 60 tenders in Dubai in 2022. 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 centers for rough diamonds, Dubai plays a key role in facilitating the global diamond trade and supporting the sustainable development of the industry. This status brings a Significant opportunity to ensure continuous improvement of industry standards and implementation of best practices in the right way. This is the fundamental objective of our new Tendering Best Practices Forum as DMCC continues to strengthen Dubai’s position as a key market for buying and selling diamonds.”
He added: “The code of conduct developed by this forum will strengthen the way tenders are conducted, benefiting both buyers and sellers, and enhance the way the entire industry operates by setting a global benchmark for diamond tenders and auctions.
The Tender Best Practice Forum complements the DDE Charter, which provides a clear and robust framework for members to trade with confidence. The DDE charter also outlines various processes and initiatives to strengthen industry governance, including rough diamond inventory reconciliation and mandatory self-assessment under the World Diamond Council’s system of assurance. Through these measures, DMCC promotes a diamond ecosystem that upholds the highest international AML/CFT and trading standards.
With the ability to host multiple tenders simultaneously, the DDE’s 41 rooms are constantly in use during recurring tenders throughout the year. With an average of 100 to 150 companies participating in each tender, it creates an optimal environment for buying and selling rough and polished diamonds. DDE currently has more than 1,200 member companies. – trade arab news agency