Gem Auctions DMCC, founded by mining entrepreneur Alan Davies, will hold its first-ever rough diamond auction in Dubai, UAE next month. For its first auction, Gem Auctions DMCC will present over 100,000 carats of rough diamonds with an estimated total value in excess of $50 million from 17th-22nd November 2021 at the Dubai Diamond Exchange (DDE), the largest diamond tender facility in the world. The run-of-mine production will include single stones as well as parcels ranging from 10 carats to -5.
Alan Davies, Founder of Gem Auctions DMCC, said: “Gem Auctions DMCC is the culmination of 25 years in the diamond and mining industry, from setting up diverse mining operations to innovating rough gem marketing platforms. 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.”
Davies currently serves as CEO of Zambian mining company Moxico Resources and was CEO, Diamonds, Energy and Minerals of Rio Tinto where he led and innovated their diamond mining and tender operations from 2012-2016.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC and Chairman, Dubai Diamond Exchange, said: “Hosting large tenders at the Dubai Diamond Exchange has become a regular occurrence for DMCC as we continue to drive the global diamond trade through Dubai and position the emirate as the number one hub for diamond trading. We are proud to work with Gem Auctions DMCC at this exciting time and look forward to hosting many more successful tenders with them in the future.”