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Dubai's DMCC, a free zone focusing on commodities trade and enterprises, hosted the largest rough diamond tender ever to take place in the UAE.
A total of 379,912 carats of rough diamonds were sold, valued at $87.47 million (AED 321.29 million) with 115 winning customers.
Over 250 companies participated in the tender and 500 individuals flew into Dubai to take part in the event with delegates from India, Hong Kong, Russia, Israel, Belgium and Lebanon, the state news agency WAM reported.
The tender was organised by Stargems DMCC in Almas Tower, offered clients the opportunity to bid for rough diamonds from South Africa and Angola over an eight-day period.
Ahmed bin Sulayem, Executive Chairman and CEO of DMCC, said, "Despite the obstacles posed by the pandemic, this record-breaking tender is a tremendous boost of confidence for the entire industry and testament to the strength and resilience of Dubai’s diamond ecosystem.
"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," Shailesh Javeri, Chairman of Stargems Group, said.
(Writing by Seban Scaria; editing by Daniel Luiz)
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