Dubai's Record Rough Diamond Sells for $5.2m
October 17, 21
(IDEX Online) - Dubai's Diamond Exchange has sold its most expensive rough stone ever - a 118.58-ct diamond that went for just over $5.21m.
It was the highlight of the Trans Atlantic Gem Sales (TAGS) October tender, which raised a total of $35.57m.
The record-breaking diamond is described as being of "exceptional color and clarity". The price paid per carat was $44,004.
TAGS sold 88.9 per cent of the 22,000 carats of goods offered, amid what it described as a "a slight softening" in prices achieved for two to 10-carat goods and some grainers.
"As a result, we had some lots withdrawn in these ranges and a number of the single stones failed to reach the required reserve prices," the company said.
There were over 150 participants, it noted, despite the traditional wind down ahead of Diwali in early November.