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118.58-Carat Stone Sets New Record at Dubai Tender

TAGS’ tender sold 88.9% of the 22,000 carats of goods offered
dmcc dubai diamonds metals
Credit: DMCC

A 118.58-carat diamond sold for $5.21 million – $44,004 per carat – broke a Dubai record as the most expensive rough stone ever sold there, IDEX Online reports.

 

Dubai skyline
Credit: shutterlk / shutterstock.com

 

The stone was sold as part of the Trans Atlantic Gem Sales (TAGS) October tender at the Dubai Diamond Exchange. TAGS’ tender sold 88.9% of the 22,000 carats of goods offered, and raked in a total of $35.57 million. The tender saw over 150 participants “despite the traditional wind down ahead of Diwali in early November.”

 

Dubai
Credit: Naufal MQ

 

In August, TAGS sold a record $62 million at a rough diamond tender in Dubai – more than double its June sales of $30 million. All 43,343 carats on offer were sold and raised $62.6 million – TAGS’ highest revenue ever from an individual event.



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