Dubai Sells $87m of Rough in Record-Breaking Tender
December 17, 20
(IDEX Online) - The Dubai Diamond Exchange sold $87.5m of gems at the UAE's largest ever rough tender.
More than 250 companies took part, with delegates flying in from India, Hong Kong, Russia, Belgium and Lebanon, as well as Israel, now that links have been "normalized".
Organizers said the record-breaking tender testament to strength of Dubai's diamond ecosystem and confidence boost for its industry.
A total of 379,912 carats of rough diamonds from South Africa and Angola were sold to 115 customers during the eight-day event organized by Stargems DMCC at the Almas Tower skyscraper.
Shailesh Javeri, chairman of the Stargems Group said: "We are delighted to have run the largest rough diamond auction to be held in the UAE. Stargems is looking forward to running more auctions in Dubai in 2021.
Ahmed Bin Sulayem, executive chairman and chief executive officer of the Dubai Multi Commodities Centre free trade zone, said: "We would like to extend our heartfelt congratulations to Stargems on this extraordinary achievement.
"Despite the obstacles posed by the pandemic, this record-breaking tender is a tremendous boost of confidence for the entire industry.
Pic shows the record-breaking rough tender