Record $35m Diamond and World Largest Ruby Showcased in Dubai
Stunning jewels were recently unveiled at the Dubai Diamond Exchange, setting the stage for an upcoming exclusive auction by Sotheby. The world largest ruby and a breathtaking $35 million diamond took center stage at the event, hosted by DMCC.
Known as the Estrela de FURA, the first gemstone showcased was an extraordinary 55.22 carat ruby. With its distinction as the largest and most valuable ruby ever to be presented at an auction, experts predict that it will fetch over $30 million.
Dubai Gems and Diamond Trade Thrives The unveiling of the rough Estrela de FURA stone at DMCC DDE in September 2022 set the stage for this recent exhibition. The United Arab Emirates (UAE) witnessed a remarkable 17 percent year-on-year increase in the value of traded diamonds in 2022. The total value reached an impressive $37.4 billion for both rough and polished diamonds.
This growth was fueled by a significant 42 percent rise in the polished diamond category, while the rough diamond category maintained a solid growth trajectory with a 7 percent increase.
Dubai Ascent in the Colored Gemstone Industry Building upon its reputation as a prominent global hub for the diamond trade, Dubai aims to further enhance its standing in the colored gemstone industry. Recently, the DDE hosted tenders in collaboration with leading colored gemstone companies such as Belmont Group, Bonas & Co., Fura Gems, and Grizzley Mining Company.
Feryal Ahmadi, the Chief Operating Officer of DMCC, expressed delight in unveiling these exquisite gemstones in Dubai, stating, "As one of the world largest trade hubs for precious stones, there is no better place than Dubai to showcase these exceptional stones."
Sotheby UAE Head, Katia Nounou Boueiz, added, "We are honored to display these exceptional rarities in Dubai and solidify Sotheby Dubai as the leading showcase in the Middle East for the world rarest and most valuable diamonds and gemstones."
Dev Shetty, the Founder and CEO of Fura Gems, commended Dubai role in connecting global markets and praised the emirate precious stone trade infrastructure.
With its ability to host multiple tenders simultaneously, the DDE 41 rooms remain in constant use throughout the year, attracting 100 to 150 companies on average for each tender. The exchange currently boasts over 1,200 member companies, creating an ideal environment for buying and selling rough and polished diamonds.