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DDE hosts largest ever rough diamond tender with around $50 mln sold

26 november 2019

The Dubai Diamond Exchange (DDE), a subsidiary of DMCC announced that it had successfully hosted one of the largest rough diamond tenders ever to take place in Dubai and the United Arab Emirates (UAE), according to a press note from DMCC.

Image credit: DMCC

Stargems, a DMCC-registered international diamond company with interests in all aspects of the supply chain from rough to retail, held its record-breaking tender in Almas Tower from 17-21 November 2019. Over 577,000 carats of rough diamond was viewed across DDE’s 41 tables, with over 200 international buyers in attendance. The total value of diamonds sold was just under USD 50 million. The rough diamonds on sale originate from across Africa, including over 500,000 carats from the SACIM mine in the Democratic Republic of the Congo (DRC).
Shailesh Javeri, Chairman and Founder, Stargems Group said:
“Our November tender has set a new record for Stargems. We are delighted with the overwhelming interest shown in the tender, and the competitive price achieved for the rough stones. Through Dubai, Stargems is able to connect buyers and sellers and take advantage of the city’s connectivity. This is why we will continue to stage tenders on the DDE floor, and have reason to be positive about future sales here in Dubai.”
“I am encouraged to see such a strong tender on the Dubai Diamond Exchange. DMCC has an important role to play in driving the diamond trade in the city and in turn, increasing the industry’s contribution to the economic diversification plan of the United Arab Emirates,” said Feryal Ahmadi, Chief Operating Officer, DMCC.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished