Stargems’ Rough Diamond Tender at Dubai’s DDE Takes in Almost US$ 50 Mn; Sets Record

Stargems’ Rough Diamond Tender at Dubai’s DDE Takes in Almost US$ 50 Mn; Sets Record

DMCC, announcing the results of the Stargems’ latest tender of rough diamonds, hosted by its subsidiary Dubai Diamond Exchange (DDE), said that not only was it one of the largest ever rough diamond tenders in the UAE, but also had the distinction of setting a new sales record for Stargems and the DDE facility.

Stargems is a DMCC-registered international diamond company with interests in all aspects of the supply chain from rough to retail. The record-breaking tender was held in Almas Tower from November 17-21, 2019.

“Over 577,000 carats of rough diamond were viewed across DDE’s 41 tables, with over 200 international buyers in attendance,” DMCC said. “The total value of diamonds sold was just under US$ 50 million (AED180 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).”

Feryal Ahmadi, Chief Operating Officer, DMCC commented: “I am encouraged to see such a strong tender on the Dubai Diamond Exchange. Surpassing US$ 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.”

Just recently, DMCC had unveiled the refurbished DDE, which, it considers to now be “the largest diamond tender facility in the world”. The DDE 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,” said Shailesh Javeri, Chairman and Founder, Stargems Group. “We are delighted with the overwhelming interest shown in the tender, and the competitive price achieved for the rough stones. 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.”

DMCC pointed out that in the first half of 2019, the value of gold, diamonds and jewellery trade in Dubai reached US$ 50 billion (AED 180 billion), a three per cent increase from the same period last year. “In October 2019, 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,” DMCC said.

News Source: gjepc

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