Gem Auctions DMCC founded by mining entrepreneur Alan Davies, held its first-ever rough diamond auction in Dubai this week.

The company sold 120,000 carats for over $57 million USD, marking the largest rough diamond auction debut by a new company in the history of the trade.

Alan Davies, Founder of Gem Auctions DMCC, said: "We were delighted with the results of our first-ever rough diamond auction this week in Dubai. 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.”

Alan added: "We'd like to thank His Excellency Ahmed Bin Sulayem, Mr. Martin Leake, and the rest of the DMCC team for the unwavering support of our industry. Equally we would like to thank our customers and suppliers who showed great support for our first event and we look forward to becoming a mainstay in the rough marketing space.”

The company plans on having its second sale in Dubai in early 2022.