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Dubai DMCC hosts largest-ever rough diamond tender in UAE

i24NEWS

clock 2 min read

Illustrative: A man examines a diamond during the International Diamond Week at the Israel Diamond Exchange center in Ramat Gan on Feburary 10, 2015.
Yonatan Sindel/Flash90Illustrative: A man examines a diamond during the International Diamond Week at the Israel Diamond Exchange center in Ramat Gan on Feburary 10, 2015.

Approximately 380,000 carats of diamonds were sold at a value of $87.5 million

The Dubai Multi Commodities Center (DMCC) recently held the biggest-ever rough diamond tender to take place in the United Arab Emirates.

"A total of 379,912 carats of rough diamonds were sold, valued at USD 87.47 million (AED 321.29 million) with 115 winning customers. More than 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," according to a Dubai media office statement.

Stargems DMCC organized the event, offering clients an opportunity to bid for rough diamonds from South Africa and Angola over an eight-day period.

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Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, 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. DMCC’s strategic location, unmatched global connectivity and state-of-the-art infrastructure mean that we remain the destination of choice for international trade."

Bin Sulayem also sounded bullish on Dubai's ability to become the world's premier diamond trading hub.

The DMCC recently opened an office inside the Israel Diamond Exchange as trade and cooperation between the two countries burgeons in the wake of the signing of the normalization deal in September.