Vast Resources (VAST) has provided a further update in regard to its ongoing diamond tender process in Dubai.
The 123,711.8 carats of lower value gem and industrial stones sold at an average price of US$6.87 per carat included 50,993.98 carats of industrial stones, 63,091.75 carats of rejection low stones, 8,211.71 carats of rejection high stones, 695.5 carats of cleavage stones, and 718.88 carats of low quality gem stones.
This leaves a remaining parcel of gem-quality stones totalling approximately 135,139.47 carats, less an estimated 2% boiling loss, not included in the tender.
Whilst the “cleavage” and “rejection high” category stones were included within the 12,591.77 “mixed/higher quality” gems referred to on 17 November 2025, these categories are inherently of lower value than high grade gems, as indicated by the difference in average sale price as compared with the ‘high grade’ stones which sold at an average price of US$1,083 per carat.
The stone categories as set out in Vast’s announcement of 18 November 2025 are determined by the auction house through which the tender was conducted and not by the company.
What’s more, the references to the quality of stones and are indicative only. The sole material metric by which Vast sets any store is the sales value as stones are disposed of.
Vast says it is encouraged by this initial tender process which paves the way for future such tenders and demonstrates the company’s ability to market the diamonds, and in particular, its high value stones, going forward.
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It’s an intricate procedure selling diamonds at tender, especially ones that have been beneficiated like Vast’s. Still, the process is underway, money is coming in, and there are more gem quality stones still awaiting sale. Watch for more updates.