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Mon 25 Nov 2019 02:10 PM

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DMCC says nearly $50m worth of diamonds sold at Dubai tender

Stargems, a DMCC-registered international diamond company, says over 577,000 carats of rough diamond was viewed

DMCC says nearly $50m worth of diamonds sold at Dubai tender

In the first half of 2019, the value of gold, diamonds and jewellery trade in Dubai reached $50 million, a three percent increase from the same period last year.

The Dubai Diamond Exchange (DDE), a subsidiary of Dubai Multi Commodities Centre (DMCC), has announced that it has hosted one of the largest rough diamond tenders ever to take place in Dubai and the UAE.

Stargems, a DMCC-registered international diamond company, said over 577,000 carats of rough diamond was viewed across DDE’s 41 tables, with over 200 international buyers in attendance.

The total value of diamonds sold was just under $50 million. The rough diamonds on sale originate from across Africa, including over 500,000 carats from the SACIM mine in the Democratic Republic of the Congo (DRC), a statement said.

“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. DMCC has an important role to play in driving the diamond trade in the city and in turn, increasing the industry’s contribution to the economic diversification plan of the United Arab Emirates,” said Feryal Ahmadi, chief operating officer, DMCC.

DMCC recently unveiled the refurbished DDE, which is now the largest diamond tender facility in the world and remains the only World Federation of Diamond Bourses (WFDB) accredited exchange in the Middle East.

“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,” added Shailesh Javeri, chairman and founder, Stargems Group.

In the first half of 2019, the value of gold, diamonds and jewellery trade in Dubai reached $50 billion, a three percent increase from the same period last year.

In October, the UAE Cabinet approved a policy to enhance the country's position as a global hub for gold and jewellery trade, and launched a range of initiatives and tools to support its implementation.