Stock - Dubai Diamond Auction
DMCC and Gem Auctions officials pose for a photo opportunity after a successful first auction showing. Image Credit: Supplied

Dubai: A diamond auctioneer holding its first event in Dubai seems to have done quite well, by netting $57 million thorough selling off 120,000 carats. This is the biggest ever rough diamond auction debut by any company in the storied history of the diamond trade business.

“We attribute our success not only to strong market conditions, but also to our precise assortments and use of Galaxy technology that allowed over 200 manufacturers from around the world to seamlessly inspect and bid on the material, which clearly helped optimise our pricing,” said Alan Davies, founder of Gem Auctions DMCC. The company plans on having its second sale in Dubai in early 2022.

The auction was held at DMCC as Dubai bids to establish itself as among the premier global diamond trading hubs.

Quite the legend
Alan Davies - Chief Executive of Moxico Resources, a Zambian copper company - is quite the legend in the mining industry.
He has been chief executive - energy and minerals at the mining giant Rio Tinto and previously held the position of chief executive, diamonds and minerals.