UAE’s biggest rough diamond tender hosted by DMCC’s Dubai Diamond Exchange

By Rahul Vaimal, Associate Editor
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One of the world’s fastest-growing Free Zones and Dubai government’s authority on commodities trade and enterprise, Dubai Multi Commodities Centre (DMCC)’s Dubai Diamond Exchange unit successfully hosted the UAE’s biggest ever rough diamond tender. 

The record-breaking tender, organized by DMCC-based international diamond company Stargems saw a total of 379,912 carats of rough diamonds, valued at $87.47 million being sold to 115 winning customers during the event.

The 8-day event which offered clients the opportunity to bid for rough diamonds from South Africa and Angola witnessed participation from more than 250 companies and 500 individuals who visited Dubai with delegates coming in from Hong Kong, India, Israel, Russia, Belgium and Lebanon.

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Ahmed Bin Sulayem
Executive Chairman & CEO

“We would like to extend our heartfelt congratulations to Stargems on this extraordinary achievement. Despite the obstacles posed by the pandemic, this record-breaking tender is a tremendous boost of confidence for the entire industry and a 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. In light of this, we are optimistic about the future of the industry and are confident that Dubai is well on its way to becoming the world’s leading diamond trading hub.”

DMCC managed the entire event under strict health and safety measures.

Shailesh Javeri, Chairman of Stargems Group, said, “We are delighted to have run the largest rough diamond auction to be held in the UAE. We would like to thank the DMCC and the DDE for all their support. Stargems is looking forward to running more auctions in Dubai in 2021.”