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Two million carats of diamonds auctioned in Dubai sale

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Two million carats of diamonds auctioned in Dubai sale

Photo used for representative purpose only

Dubai - Around 200 diamond companies attended the auction.

Published: Sun 11 Nov 2018, 3:41 PM

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  • Staff Report

The Dubai Diamond Exchange (DDE), in collaboration with Stargems Group, has announced the completion of six successful rough diamond tenders of SACIM goods (Anhui-Congo Mining Investment Company) with over two million carats auctioned.

The tenders were held at the Almas Tower with around 200 diamond companies in attendance and facilitated by the Dubai Diamond Exchange, a subsidiary of Dubai Multi Commodities Centre (DMCC).

Earlier this year, the DMCC signed a strategic partnership with Stargems, specialising in the sourcing and supply of fine diamonds, to host a series of rough diamond tenders.

The agreement enables members, miners and suppliers from around the world to trade and distribute rough diamonds at Stargems' events hosted at DDE's headquarters in Almas Tower.

The six tenders offered clients the opportunity to bid for rough diamonds from Angola, the Democratic Republic of Congo and South Africa. More than two million carats have been sold at the tenders, which achieved prices and volume expectations and reflect the constant demand for rough diamonds.

In the first nine months of 2018, the DDE recorded a remarkable increase in rough diamond tenders and total sales of just under $200 million, up by 75 per cent compared to 2017. - Wam




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