In Dubai a few days ago the most expensive diamond was sold in a tender process hosted by the "Dubai Diamond Exchange". The diamond weighing just over 118 carats sold for about $5.2 million or about $44,000 for 1 carat. As usual in such transactions the identity of the buyer was not disclosed.

According to reports from the statements, the diamond was offered to leading buyers from India, Israel and European countries. Dubai is at the crossroads of global diamond trade with direct flights to leading diamond centers, including India, Israel, Angola, South Africa, Russia and Belgium. The memorandum of understanding recently signed between the Dubai Diamond Exchange and the Israeli Diamond Exchange is expected to further increase regional trade and aid the growth of the global diamond industry, the statements claim.