The Dubai Cut diamond is uniquie with 99 facets, each one created to represent the holy names of Allah.
Diamond named after Dubai among the most expensive in world
The demand for unique diamond jewellery, the sort of bauble one might expect to see draped about the neck of a star walking a Hollywood red carpet, is particularly high in the UAE, according to Ahmed bin Sulayem, the executive chairman of the Dubai Multi Commodities Centre (DMCC).
"Women in the UAE, in Dubai especially, they have a lot of weddings to go to. A lot of very exclusive social events also," he said.
"We are talking maybe several events in one week, and for each one they must have a new piece of jewellery.
"You cannot see the same one twice. The jewels are like the dresses. Each occasion demands a new one."
To satisfy such demand, Dhamani Group, the Dubai-based jeweller, created the Dubai Cut diamond in conjunction with the Dubai Multi Commodities Centre.
The rare stone has 99 facets, one to represent each of the holy names of Allah, and to give it extra sparkle.
DMCC unveiled the Dubai Cut stone in late 2005, as the world's first diamond cut inspired and named after a city.
The cut is produced solely by Kristall Corporation, a Russian polished-diamond manufacturer, exclusively for DMCC under a legal patent.
Kristall says it strictly adheres to the highest ethical standards in the industry, including a commitment to stop the sale of blood diamonds, conflict diamonds, and the use of child labour in the diamond trade.
"The 99-faceted Dubai Cut is an exciting addition to the diamond world and represents the openness of Dubai in its clarity and reflective qualities," Mr bin Sulayem said.
The stones are created exclusively by Dhamani but once in a while one finds its way on to the after market, where they command extremely high prices.
Mehul Pethani, a diamond expert at Cara, one of the leading jewellers at the Dubai Gold and Diamond Park, said the Dubai cut was one of the most expensive diamonds available.
"The average diamond has 56 facets so 99 facets is very difficult to make," he said.
"They are also very rare. You do not see them very often. They are exclusive and cost a great deal."