The Dubai Diamond Exchange has announced it will showcase a 1086.10-carat diamond for auction this week, making it the largest rough diamond to be sold by the Dubai Multi Commodities Centre(DMCC).
The stone, sourced from South Africa, sparked worldwide interest from experts and diamond traders who travelled to Dubai to inspect it ahead of the tender.
The tender – managed by Koin International– will take place days before the Dubai Diamond Conference on 21 February.
In a press release, the DMCC noted the Exchange “has already hosted six major tenders this year, reaching over $US300 million ($AU420.37 million) worth of rough diamonds traded” which indicates renewed market activity and demand for rough and polished diamonds.
Meanwhile, hundreds of industry leaders and industry participants are expected to attend the Dubai Diamond Conference to discuss industry trends, updates and the future of the international diamond market.
The conference will feature high-level discussions on emerging consumer behaviour amid the strong rebound of the diamond industry despite the effects of the COVID-19 pandemic.
The DMCC was established in 2002 by the Government of Dubai to provide the physical, market and financial infrastructure required to establish a hub for global commodities trade.