More than 100 Dubai-based diamond merchants attended a Valentine’s Day presentation by the Dubai Metals and Commodities Centre (DMCC) on the ‘Dubai Cut’ diamond, in the run up to bid for a licence to sell the uniquely cut stone.

The DMCC will award a three-year licence to sell the Dubai Cut diamond to one member, who not only offers the best bid for the jewel, but also meets the stringent criteria laid down by the conditions of the tender.
The DMCC’s presentation to the diamond traders was held on Valentine’s Day, in an effort to highlight the exclusivity and matchless value of the Dubai Cut as a special gift.
The Dubai Cut diamond, launched in December 2005, is produced by Russia’s leading diamond manufacturer Kristall exclusively for the DMCC under a legal patent. The 99 facets of the uniquely cut stone are inspired by the 99 holy names of Allah.
“The Dubai Cut diamond is an exclusive jewel both in terms of its distinctive cut, matchless quality, and significant value and hence will soon become a coveted possession,” said Dr David Rutledge, chief executive officer, DMCC. “We aim to ensure that the diamond meets and maintains the highest standards of excellence both in its production and in the manner in which it will be bought and sold in the market,” he added.
“The total annual production of the Dubai Cut diamond will be around 1,500 stones. This will ensure that the Dubai Cut remains a desirable and precious brand far into the future because of the scarcity value of the cut,” said Ahmed Bin Sulayem, chief operating officer, DMCC.
 Diamond traders wishing to apply for the tender must be registered DMCC members who are in good financial standing with DMCC and must have at least one retail jewellery store in full operation in the UAE.
The minimum bid has been set at $30,000 per annum for a fixed three-year period.  Licence fees are payable in advance upon acceptance.
The application must be completed by hand and signed by the authorised signatory of the DMCC member company. The bids will be reviewed by a senior committee of DMCC and Kristall representatives.  Terms for the price and supply of the Dubai Cut will be negotiated between Kristall and the winning applicant directly.
“We are overwhelmed by the enthusiastic response from the diamond industry to participate in this tender. The prestige of selling this remarkable jewel will be accorded to the DMCC member who best meets the conditions laid down for participating in the tender,” said Bin Sulayem. Present at the presentation was Tawfic Farah, DMCC’s executive director, diamonds and coloured stones.