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Diamond in Dubai sells for more than $5m

Diamond in Dubai sells for more than $5m

118.58 carat type IIa stone was viewed by top diamond trading companies from India, Israel and Europe at a tender hosted by Trans Atlantic Gems Sales The most expensive rough stone diamond in the world has been sold at the Dubai Diamond Exchange (DDE) in Dubai Multi Commodities Centre (DMCC), fetching $5.218 million, the equivalent

118.58 carat type IIa stone was viewed by top diamond trading companies from India, Israel and Europe at a tender hosted by Trans Atlantic Gems Sales

The most expensive rough stone diamond in the world has been sold at the Dubai Diamond Exchange (DDE) in Dubai Multi Commodities Centre (DMCC), fetching $5.218 million, the equivalent of $44,004 per carat.

The 118.58 carat type IIa stone was viewed by top diamond trading companies from India, Israel and Europe at a tender hosted by Trans Atlantic Gems Sales (TAGS), a leading rough diamond tender and auction house.

It follows a record-breaking tender hosted by Stargems at the DDE in December 2020, where $87m worth of rough diamonds were sold in one diamond tender event.

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Ahmed Bin Sulayem, executive chairman and chief executive officer, 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.

“With the trade gap between Antwerp and Dubai now less than a billion dollars, our position as a transparent and 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 which is within just a short flight.”

The recent Memorandum of Understanding signed between the DDE and the Israel Diamond Exchange, is set to further boost regional trade and support the growth of the global diamond industry.

The DDE is the largest diamond tender facility in the world and is home to over 1,000 diamond companies.

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