(IDEX Online) - Stargems Group, one of the UAE's leading international diamond companies, in collaboration with SACIM SARL (Anhui-Congo Mining Investment Company) tendered 641,962 carats of high-quality rough in the Emirate.
Stargems has decided to expand into the diamond tendering business as the company envisions huge potential due to the growing diamond trade in Dubai, it said.
More than 50 buyers attended the five-day event. SACIM SARL is a joint venture between the Chinese Investment company, AFECC group, and the government of the Democratic Republic of the Congo. Each party holds 50% of the company's shares. Using a sales platform developed by Stargems and SACIM SARL, artisanal manufacturers with smaller/medium size production units are able to buy their goods alongside larger industrial manufacturers.
Shailesh Javeri, Chairman, Stargems Group, commented, "Our goal with such tenders, is to promote goods from SACIM SARL all over the world and attract diamond manufacturers and traders. The increased number of bidders ensured that SACIM SARL received the most profitable prices for their diamonds. With our last tender we were able to provide our partner with a 6% increase on their sales value."
Having received a strong response from bidders internationally during the first tender, the Congolese company, along with Stargems DMCC, showcased superior quality rough diamonds at the second tender.
Bai Xiangqian, Managing Director, SACIM SARL, said, "Diamond tenders are a vital means to generate revenues and assess the true market value of our goods, especially in a place such as Dubai, which has a unique ability to bring producers and consumers together in one place."
Latest data from DMCC highlights that Dubai is one of the world's top three diamond trading hubs and recorded a rough diamond imports rise of 16 percent to $6.3 billion in 2016 and the Dubai Diamond Exchange has contributed significantly to that growth, the statement added.