Dubai unveiled one of the world’s “largest internally flawless fancy vivid pink diamonds” on Monday at the DMCC Dubai Diamond Exchange (DDE), cementing the emirate’s status as a leading hub for the trade of rough and polished diamonds.

The diamond is expected to fetch over $21 million and could even set a new price per carat record, given its “incredible purity”, according to the government of Dubai's media office.

Dazzling pink diamond could fetch more than $21mn at auction

The 11.15 carat cushion-shaped gem flawless pink diamond, called the Williamson Pink Star, started its roadshow in Dubai, one of the world’s leading diamond trade hubs. It will travel to Singapore and Taipei, before being offered by Sotheby’s at a single-lot auction in Hong Kong in October.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, noted that the UAE is the world’s largest rough diamond trade hub and has posted record-breaking diamond trade figures for the first half of the year - it recorded $19.8 billion in total diamond trade after a record 25% year-on-year growth.

“2022 has been a monumental year for Dubai’s diamond story. Sotheby’s hosting the first unveiling of such an exceptional pink diamond at the Dubai Diamond Exchange is yet another demonstration of Dubai’s significant role in the global diamond industry,” he said.

Wenhao Yu, Chairman of Jewellery and Watches at Sotheby’s Asia, added: “The discovery of a gem-quality pink diamond of any size is an extremely rare occurrence.”

“Driven by a limited supply and rising demand, prices for top-quality large pink diamonds over 5 carats have increased exponentially over the past decade, serendipitously setting the scene for the appearance now of this one-of-a-kind stone.”

The DDE is the largest diamond tender facility in the world and home to over 1,150 diamond companies.

Dubai sits at the crossroads of the global diamond trade, with direct flights to the leading diamond hubs including Surat and Mumbai in India, Israel, Angola, South Africa, and Belgium.

Earlier this year in January, The Enigma, a rare black carbanado diamond, was put on display in Dubai. It was the world's largest known cut diamond , expected to be sold for $5 million.

In February it was reported that the United Arab Emirates in 2021 became the top trading hub for rough diamonds, overtaking Belgium.

Back in March, a giant diamond nicknamed "The Rock" went on display for the first time in Dubai ahead of an auction where it is expected to fetch up to $30 million.