Wednesday 27 September 2023

DDE, Sotheby’s to unveil largest ruby, most vivid pink diamond

DUBAI, May 22, 2023

DMCC, the flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has hosted the unveiling of two extraordinary gemstones - Estrela de Fura and Eternal Pink - at its Dubai Diamond Exchange. These gems, unveiled by Sotheby’s, will be available at an auction in New York on June 8.
Estrela de Fura is a 55.22 carat stone that, due to being the largest and most valuable ruby to ever appear at auction, is expected to command in excess of $30 million. 
Dubai Diamond Exchange, a subsidiary of DMCC, had hosted the unveiling of the rough Estrela de Fura stone in September last year.
The Eternal Pink is the most vivid pink diamond to come to market and is estimated to fetch in excess of $35 million.
The UAE witnessed a strong 17% year-on-year increase in the value of diamonds traded in 2022, totalling $37.4 billion combined for rough and polished diamonds. 
This was driven by a 42% rise in the polished category and maintaining a solid growth trajectory through a 7% rise in rough.
Building upon its status as a leading global hub for the trade of rough and polished diamonds, Dubai is now looking to add further value to the coloured gemstone industry. 
Most recently, the Dubai Diamond Exchange had hosted tenders with leading coloured gemstone companies including Belmont Group, Bonas & Co., Fura Gems and Grizzley Mining Company.
COO Feryal Ahmadi said: "As one of the world’s largest trade hubs for precious stones, there is no better place than Dubai to unveil these exquisite stones. The emirate’s leading role in diamonds has been firmly established, and in hosting a range of coloured gemstone tenders so far this year, we are taking concrete steps that will position the emirate in a similar vein within the coloured industry as well."
"We are delighted to work with Sotheby’s once again to present these two marvels to the world at the Dubai Diamond Exchange," stated Ahmadi.
Katia Nounou Boueiz, Head of Sotheby’s UAE, said: "We are honoured that Dubai has been chosen to display these exceptional rarities in our galleries, and to continue to make Sotheby’s Dubai the leading showcase in the Middle East for the world’s rarest and most valuable diamonds and gemstones."
"After being unveiled in Dubai last autumn as an astonishing 101 carat rough, it is especially thrilling to see Estrela de Fura 55.22 in its newly crafted state and return triumphantly to the DMCC as the world’s largest and most valuable ruby to ever come to market. Exhibiting these one-of-a-kind stones – both in our DIFC gallery and at the DDE – is a clear continuation of our dedication to showcasing the best of the best in the UAE," noted Boueiz.
Dev Shetty, Founder and CEO, Fura Gems, said: "In connecting East and West, Dubai has offered Fura Gems the perfect platform to access global markets. The emirate’s precious stone trade infrastructure has been invaluable to us as we build our status as a premier supplier of coloured gemstones for the global industry."
"We are also delighted to work with Sotheby’s in bringing the magnificent Estrela de Fura ruby to the world, he added.-TradeArabia News Service


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