DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – announced today that an exceptional 100+ carat rough diamond was successfully sold for USD 5.218 million (USD 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, 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 USD 87 million worth of rough diamonds were sold in one diamond tender event.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “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. It is in part thanks to these successive tenders that we were faced with the problem of providing enough space, which is why we are in the process of tripling our capacity over the next six months. 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.”
Dubai sits at the crossroads of the global diamond trade with direct flights to the leading diamond hubs including Surat, Mumbai in India, 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.