UAE firm wins rare diamond bid

A rare pear-shaped diamond weighing 53.7 carats has been sold for AED 22 million (USD $ 6 million) to a UAE-based jewellery firm at an auction in New York, USA. Radwan Diamond & Jewellery Trading beat gem dealers from around the world after a long battle to claim the gem which was originally listed for USD $ 3.3 million by auction house Christie’s.

Amer Radwan, the company’s Executive Chairman, has dubbed the diamond Dubai Magnificence and said it was of the highest clarity. He will add this newest acquisition to his collection of high-profile diamonds such as the ‘Star of the Emirates’, ‘Star of Dubai’ and ‘Rose of Dubai’.