The Dubai Diamond Exchange (DDE) has reopened for business and is now ready to return to regular business including hosting of tenders, the organisation has announced. The reopening is in line with the easing of restrictions across the Emirate.

The DDE, which describes itself facilities as the world’s largest diamond tender facilities, said that its operations will be in line with latest health and safety guidelines and protocols issued by the UAE government and health authorities. “Social distancing measures alongside regular disinfection procedures are in place to guarantee a safe experience for employees and visitors alike,” DDE reported.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC: “While we continue to navigate a global economic slowdown, we must also be prepared to bounce back. With the gradual easing of restrictions and lockdowns, both locally and globally, business activity is resuming and we are seeing some positive signs of recovery. As such, we have been diligent in our effort to ensure the Dubai Diamond Exchange is ready to accommodate tenders safely, and we look forward to updating the market on its activities in the coming period.”

DDE said that the trade of precious metals and stones is a key pillar of the UAE’s economic diversification plan. “In Dubai, the highest traded commodities by value in 2019 were gold, jewellery and diamonds, which contributed AED 370 billion, a 7% growth from 2018. While according to the Abu Dhabi General Administration of Customs, the value of trading in precious metals and gemstones in the capital reached AED 5.42 billion in the first quarter of 2020, up from AED 4.03 billion year-on-year, representing a 34.4% increase,” the Exchange stated.