Rough Diamond Breaks Dubai Record with $5M Sale

RAPAPORT... Trans Atlantic Gem Sales (TAGS) garnered $5.2 million from the tender of a 118.58-carat rough diamond in Dubai, setting a local record.The price was the highest for any rough stone sold on the Dubai Diamond Exchange (DDE) tender floor, the bourse reported Thursday. The piece fetched $44,004 per carat."The stone generated huge interest from the leading specialist manufacturers from around the world," said TAGS, a rough-sales specialist headquartered in the emirate.The tender, which ran from October 6 to 12, comprised a range of goods from mines in southern Africa. In total, 22,000 carats were available, with a combined value of $40 million, TAGS noted.Overall demand was strong, but prices softened in the 2- to 10-carat categories, as well as in some grainer (0.25-carat) sizes, TAGS explained. It withdrew some lots in these ranges, while certain single stones missed their reserve prices, the company added.Image: The 18.58-carat rough diamond. (Dubai Multi Commodities Centre)