Dubai Multi Commodities Centre (DMCC) has sold a 100+ carat rough diamond for $5.218 million (US$ 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 $87 million worth of rough diamonds was sold in one diamond tender event.
Ahmed bin Sulayem, Executive Chairman and CEO of DMCC, said, “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.”
He said the gap between diamond trading hub Antwerp and Dubai was now less than a billion dollars.
“Therefore, our position as a transparent a 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.
Anthony Peters, Owner Trans Atlantic Gems Sales, said, “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.”