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$50 million worth of diamonds sold at Dubai tender

Dubai Diamond Exchange plays host to major tender held by Stargems in Almas Tower

Dubai: The Dubai Diamond Exchange, or DDE, on Monday said it hosted one of the largest rough diamond tenders in the UAE, with about $50 million in diamonds sold.

DDE, a unit of DMCC — a Dubai government authority on commodities trade and enterprise, said over 577,000 carats of rough diamond was viewed across DDE’s 41 tables, with over 200 international buyers in attendance. DDE added the rough diamonds on sale originated from Africa, with over 500,000 carats from the SACIM mine in the Democratic Republic of the Congo.

Stargems Group, a DMCC-registered global diamond firm with interests in all aspects of the supply chain — from rough to retail, held the tender in Almas Tower.

“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,” said Shailesh Javeri, chairman and founder of Stargems.

“I am encouraged to see such a strong tender on the Dubai Diamond Exchange. Surpassing $25 billion in 2018, diamond trade through Dubai is on the rise and the emirate will soon be the world’s leading rough and polished diamond trading hub,” said Feryal Ahmadi, Chief Operating Officer of DMCC.

About Dh180 billion or $50 billion in gold, diamonds and jewellery traded through Dubai in the first half of 2019, three per cent higher than last year, the Dubai Media Office said last month.

DMCC recently unveiled a refurbished DDE, the so-called largest diamond tender facility in the world. The DDE is the only exchange in the Middle East accredited by the World Federation of Diamond Bourses, the exchange said.