VIPs offer Dh20m for world's largest gold ring in Dubai

VIPs offer Dh20m for worlds largest gold ring in Dubai

Dubai - 64kg approximate weight of the 21 carat gold ring

By Sarwat Nasir

Published: Sun 16 Jul 2017, 3:04 PM

Last updated: Sun 23 Jul 2017, 11:22 AM

VIPs from Saudi Arabia and the UAE are offering up to Dh20 million to buy the world's largest gold ring that is on display in Dubai, according to a sales manager of the shop that's showcasing it.
The ring, currently worth Dh16 million according to the gold rate, made headlines worldwide in 2011 when it was first displayed at an exhibition. Now, it's catching the public's attention at the Rossella Jewellery shop in Barsha Mall, its new home.
Called the Star of Taiba, the ring is made by the Taiba Gold and Jewellery of Saudi Arabia, and weighs almost 64kg and is 21 carat gold. It is also studded with 5.17kg of Swarovski stones. It holds the World Guinness Records of the largest gold ring in the world.
"The VIPs want to pay more than the ring's worth now. Some are offering Dh20 million. They want to keep it in their villas, displaying it for their guests," Mazen Hamza, the shop's sales manager said.

However, the makers of the ring are not planning on selling their prized creation anytime soon. "We are not selling it as of now," Hamza said. "We want to display it for the people. If people want to buy it for Dh20 million now, a few years later when the gold rate increases, they will be able to sell it for more than that, maybe."

"When the ring was made in 2000, its cost was $1 million (Dh3.67 million) and now it's worth Dhs16 million, that's including the Swarovski diamonds on it." Hamza added that it took 55 employees three months to make the stunning piece.
Even though, they are not selling the giant piece of jewellery, the Taiba group is selling smaller versions of the same ring, priced at about Dh1,700 each. Hamza said they end up selling about 300 of these each time they take the big ring to an exhibition.
"Sometimes, people buy more than one. They want to have and keep history. They can't have the world's largest ring, so they grab the smaller version of it," Hamza said.
The UAE is known to create and host world records. This January, the world's largest display of gold bars took place at Mall of the Emirates, with the price of the gold bars totaling at $9.6 million (Dh35.2 million).
Dubai also hosted the world's largest handmade gold chain, measuring 5.522km in length.

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