Stargems Rough Sale Sets Dubai Record

RAPAPORT… Stargems sold $87.5 million in rough diamonds at a tender in Dubai last week, benefiting from strong trading in the global market for goods above 0.75 carats.

Some 115 buyers purchased a combined 379,912 carats at the sale, making it the largest rough-diamond tender in the history of the United Arab Emirates (UAE), the Dubai Multi Commodities Centre (DMCC) said Thursday. The sale featured production from South Africa and Angola, the DMCC noted.

“Demand was very strong at last week’s tender, compared to our expectations,” a Stargems spokesperson told Rapaport News. “Over 250 companies participated in the tender, and 500 individuals flew into Dubai, despite the pandemic.”

Prices of 3-grainers and larger rose relative to previous sales, while melee and other smaller sizes “showed resistance,” the spokesperson added.

The sale comes amid improved demand for rough sizes that produce polished weighing 0.50 carats or more. Grib Diamonds reported strong sales of 2-carat-plus rough at its December tender, while De Beers increased prices for 0.75-carat stones and larger at its final sight of the year, market insiders said.

Stargems, which sources rough and organizes tenders, first partnered with the DMCC to hold sales at the Dubai Diamond Exchange in 2018.

Image: Rough diamonds. (Stargems)