UAE – Mubasher: The Dubai Diamond Exchange (DDE) hosted one of the largest rough diamond tenders to take place in Dubai over the period from 17 to 21 November 2019

Stargems, which is an international diamond company registered in the Dubai Multi Commodities Centre (DMCC), held its record-breaking tender with more than 577,000 carats of rough diamond being viewed across DDE’s 41 tables, in addition to a number exceeding 200 international buyers in attendance.

With a total value under $50 million (AED180 million), the rough diamonds that were sold are originated from across Africa, including over 500,000 carats from the SACIM mine in the Democratic Republic of the Congo (DRC).

Chief operating officer at DMCC Feryal Ahmadi, commented, “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.”

Currently being the world’s largest diamond tender facility, the DDE remains the only World Federation of Diamond Bourses (WFDB) accredited exchange in the Middle East.

Meanwhile, the chairman and founder of Stargems Group, Shailesh Javeri, highlighted, “Through Dubai, Stargems is able to connect buyers and sellers and take advantage of the city’s connectivity. This is why we will continue to stage tenders on the DDE floor, and have reason to be positive about future sales here in Dubai.”

It is worthwhile to mention that over the first six months of 2019, Dubai registered a 3% year-on-year higher sales in gold, diamonds, and jewellery trade at $50 billion (AED 180 billion).