(IDEX Online) - Over $50m of rough diamonds will be offered for sale at a debut event by the newly-established Gem Auctions DMCC in Dubai.The company was founded by veteran Alan Davies (pictured), CEO diamonds, energy and minerals at Rio Tinto until 2016 and now head of the Zambian mining company Moxico Resources.The sale of more than 100,000 carats - run-of-mine production and parcels - takes place at the Dubai Diamond Exchange from 17 to 22 November and further auctions are planned there.Mr Davies, said: " We are incredibly proud to bring over this high-quality production to Dubai for our first auction and to market it to the biggest rough diamond users in the world."