DDE, Sotheby’s to unveil world’s largest ruby, pink diamond

DUBAI / WAM

DMCC, the flagship free zone and government of Dubai Authority on commodities trade and enterprise, has hosted the unveiling of two extraordinary gemstones at its Dubai Diamond Exchange (DDE). The gems were unveiled by Sotheby’s and will be available at auction in New York on June 8.
The first gemstone was the Estrela de FURA — 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. DMCC’s DDE hosted the unveiling of the rough Estrela de FURA stone in September 2022.
The second one was the Eternal Pink — the most vivid pink diamond to come to market, estimated to fetch in excess of $35 million.
The UAE witnessed a strong 17 percent 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 percent rise in the polished category and maintaining a solid growth trajectory through a 7 percent 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 DDE has hosted tenders with leading coloured gemstone companies including Belmont Group, Bonas & Co, Fura Gems and Grizzley Mining Company.
Feryal Ahmadi, Chief Operating Officer, DMCC, 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 Dubai 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.”
Katia Nounou Boueiz, Head of Sotheby’s UAE, added, “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 ruby to ever come to market.”