A rough diamond tender by Stargems Group held at the newly renovated Dubai Diamond Exchange raised close to US$50 million, according to DMCC, Dubai’s authority on trade, enterprise and commodities.

More than 577,000 carats of rough were viewed across DDE’s 41 tables, with over 200 international buyers in attendance. The tender, held from November 17 to 21, was one of the largest ever to take place in Dubai and the UAE, revealed DMCC.

DDE is a subsidiary of DMCC while Stargems is a DMCC-registered international diamond company.

“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,” commented Shailesh Javeri, chairman and founder of Stargems.

DMCC recently unveiled the refurbished DDE, which it said is currently the largest diamond tender facility in the world. In October 2019, the UAE Cabinet approved a policy to enhance the country's position as a global hub for gold and jewellery trade, according to DMCC.

Gold, diamond and jewellery trade in Dubai reached US$50 billion in the first half of 2019, up 3 percent year on year.