A rough diamond tender organised by Stargems DMCC at the Dubai Diamond Exchange (DDE) raised a total of US$87.47 million, signaling solid demand in the industry. 

The record-breaking event saw 379,912 carats of rough diamonds from South Africa and Angola sold to global buyers, according to DMCC – Dubai’s authority on trade, enterprise and commodities. 

More than 250 companies participated in the sale while 500 individuals flew into Dubai, with delegates from India, Hong Kong, Russia, Israel, Belgium and Lebanon.

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

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, commented, “Despite obstacles posed by the pandemic, this tender is a tremendous boost of confidence for the entire industry and testament to the strength and resilience of Dubai’s diamond ecosystem.”

Clients placed their bids for the rough diamond lots over an eight-day period. The tender was held under strict health and safety measures, including social distancing measures alongside regular disinfection procedures to ensure a safe experience for everyone, remarked DMCC.