Russia to continue buying diamonds through state fund in 2025
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.
The Dubai Multi Commodities Centre (DMCC) has hosted the unveiling of two remarkable gemstones at its Dubai Diamond Exchange (DDE).
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 first hosted the unveiling of the rough Estrela de FURA stone in September 2022 and has recently hosted tenders with leading coloured gemstone companies including Belmont Group, Bonas & Co., Fura Gems and Grizzley Mining company.
The Eternal Pink – the most vivid pink diamond to come to market, is estimated to fetch in excess of $35 million.
The gems were unveiled by Sotheby’s and will be available at auction in New York on June 8.
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, driven by a 42% rise in the polished category and maintaining a solid growth trajectory through a 7% rise in roughs, DMCC said in a press release.
“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,” Katia Nounou Boueiz, Head of Sotheby’s UAE said in the statement.
“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 unparalleled Dubai Diamond Exchange – is a clear continuation of our dedication to showcasing the best of the best in the UAE.”
