Dubai: The Dubai free zone DMCC has refined the tendering process at the Dubai Diamond Exchange, which is already the world’s largest diamond tender facility.

In the new initiative, DMCC has created a Tender Best Practice Forum Code of Conduct under DDE. This is said to be the first of its kind initiative anywhere.

Membership of the Forum is by invitation only and open to DDE members who have conducted a minimum of two tenders in the 12 months prior to the Forum’s setting up. Current members include Trans Atlantic Gem Sales, Stargems, Koin International, Gem Auctions, Kruger Diamond Traders and Billiton Diamond Auctions who have collectively completed over 60 tenders in Dubai in 2022.

Members will be able to use the ‘Tender Best Practice Forum logo to demonstrate their role in enhancing industry standards’.

“Dubai plays a key role in facilitating the global diamond trade and supporting the sustainable growth of the industry,” said Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC. “This status comes with a significant opportunity to ensure that industry standards are constantly improved and best practices are implemented in the right way.

“That is the fundamental goal for our new Tender Best Practice Forum as DMCC continues to cement Dubai as the leading market to buy and sell diamonds.”

The Tender Best Practice Forum supplements the DDE by-laws, which set out a framework that ‘allows members to trade with confidence’. The by-laws also outline processes and initiatives to strengthen industry governance, including rough diamond stock reconciliation and a mandatory self-assessment under the World Diamond Council’s System of Warranties. Through these measures, ‘DMCC promotes a diamond ecosystem that upholds the highest international AML/CFT and trade standards’.

The DDE’s 41 rooms are in constant use during the cyclical tender periods through a year. An average of 100-150 companies attend each tender. The DDE currently has over 1,200 member companies.