100+ carat rough diamond sold for $5.218m in Dubai

Dubai - Tender hosted by TAGS in Dubai sets a new record for the DDE; Success of tender is testament to the strength of Dubai’s diamond ecosystem; DMCC committed to positioning Dubai as a global hub for diamond trade



by

Muzaffar Rizvi

Published: Thu 14 Oct 2021, 11:54 AM

DMCC on Thursday announced that an exceptional 100+ carat rough diamond was successfully sold for $5.218 million ($44,004 per carat) in a record tender hosted at the Dubai Diamond Exchange (DDE).

The 118.58 carat type IIa stone was viewed by top diamond trading companies from India, Israel and Europe at a tender hosted by Trans Atlantic Gems Sales (TAGS), a world leading rough diamond tender and auction house. This follows a record-breaking tender hosted by Stargems at the DDE in December 2020, where $87 million worth of rough diamonds were sold in one diamond tender event.

“We would like to offer our sincere congratulations to TAGS on the sale of its record-breaking 118.58 carat stone last week and on yet another successful tender at the Dubai Diamond Exchange," Ahmed bin Sulayem, executive chairman and chief executive officer, DMCC, said.

"With the trade gap between Antwerp and Dubai now less than a billion dollars, our position as a transparent and highly-regulated market has made us the go-to for legitimate traders who are seeking a fair price for their diamonds, particularly those based in Africa which is within just a short flight," he added.

Dubai sits at the crossroads of the global diamond trade with direct flights to the leading diamond hubs including Surat, Mumbai in India, Israel, Angola, South Africa, Russia and Belgium.

The recent memorandum of understanding signed between the Dubai Diamond Exchange and the Israel Diamond Exchange, is set to further boost regional trade and support the growth of the global diamond industry.

“We are proud to have hosted a tender selling such an exceptional stone and setting a new record for Dubai. We are confident that this achievement will strengthen Dubai’s position as a world-leading diamond hub and encourage more businesses to set up in DMCC,” Anthony Peters, owner, Trans Atlantic Gems Sales, said.

In line with its mandate to attract, facilitate and drive new trade flows through Dubai, DMCC has been a driving force in establishing the Emirate as a leading global hub for diamond trade.

The Dubai Diamond Exchange is the largest diamond tender facility in the world and home to over 1,000 diamond companies, providing members and industry professionals with state-of-the-art infrastructure, products and services to grow and trade with confidence.

muzaffarrizvi@khaleejtimes.com


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