First Russian Diamond Season concludes at the Dubai Diamond Exchange

The event was organized by the Kristall Production Corporation under the auspices of the DDE, and took place from the 22nd-28th of November at the Exchange.

The season proved to be a valuable opportunity for potential buyers to bid for high quality Russian polished diamonds, already well-known in world markets as Smolensk, or Russian cut diamonds. Diamond representatives flew in from all over the GCC countries, India, Turkey and Russia to participate in the tender.

During the Season, the DDE facilitated the first polished and rough diamond tender ever held in the region on behalf of Smolensk Diamonds Middle East. Tawfique Abdullah, Chairman of the DDE remarked: "We are very pleased to welcome the Kristall Production Corporation to Dubai. This First Season is an important marker in the evolution of Dubai as a hub for the diamond sector. Combined with the first successful tender, facilitated by the DDE, this is a clear indication that the DDE is open for business."

Noora Jamsheer, CEO of DDE, said: "We are thrilled with the high caliber attendance throughout the course of the event. The polished diamonds inventory extended from 22 carats goods to .30 diamonds of various colors and grades. The diamonds included round brilliants, square emeralds, oval, princess and marquise cut diamonds. We recorded approximately 150 ballots for the various listings."

Y. Rebryk, General Director of Kristall and President of the Russian Union of Cutters said: "We are thrilled to be in Dubai to showcase our portfolio of diamonds. Dubai has not only become an important market for us, but is also rapidly developing into a regional industry thought leader."

During the event, the DDE announced a number of new initiatives. The DDE will be hosting a $20million rough tender by January 2005, followed by other polished and colored stones tenders.

Since its launch, the DDE, the first and only diamond bourse in the region, has witnessed remarkable growth, today counting 100 individual and corporate members in the Exchange. Members are primarily located in India, the Far East, the GCC, New York, Antwerp and Russia, all major diamond markets. The DDE was also recently admitted into the World Federation of Diamond Bourses, a step that is considered an important endorsement of the DDE by the prominent world body.