Dubai Diamond Exchange reopens for business

The Dubai Diamond Exchange (DDE) is open for business. It's in line with the easing of restrictions across the Emirate.

In a statement, the DDE said the facility located in DMCC (the flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise) "has implemented the 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," it added.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said they are "seeing some positive signs of recovery" as the restrictions are being gradually eased.

"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."

Latest data released by IDEX suggests that polished month-to-month diamond prices for May showed a marked increase of 0.6 per cent, the most significant rise since December 2018.

In Dubai, the highest traded commodities by value in 2019 were gold, jewellery and diamonds, which contributed AED 370 billion, a 7 per cent growth from 2018.

Meanwhile, in the capital, 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 per cent increase.