DMCC Concludes Tender With Most Expensive Rough Stone Sold On Its Tender Floor

DUBAI, (UrduPoint / Pakistan Point News / WAM - 14th Oct, 2021) Dubai Multi Commodities Centre (DMCC) has sold an exceptional 100+ carat rough diamond for US$5.218 million (US$ 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 Asia 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 US$87 million worth of rough diamonds were sold in one diamond tender event.

Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said that this tender is yet another achievement that adds on 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," he said.

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, he added.

From his side, Anthony Peters, Owner, Trans Atlantic Gems Sales, said, "We are proud to have hosted a tender selling such an exceptional stone and setting a new record for Dubai. We would like to thank DMCC and the DDE for making this possible through their unparalleled support. They truly deserve great credit for the major role they continue to play in shaping the precious metals and stones trade in Dubai and proving to the world that the Emirate is the diamond capital. 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."