RAPAPORT… The largest rough-trading centers face a busy January as adaptations have enabled them to continue holding sales events during the pandemic.
Antwerp and Dubai will host 14 rough tenders between them this month, after 2020 proved relatively strong despite the coronavirus outbreak. Technology has allowed sellers to offer goods remotely. At the same time, rough prices at tenders were lower than those at large miners’ contract sales for much of last year, attracting buyers that were looking to meet specific demand.
“Antwerp’s diamond office [the customs center] remained operational [during Covid-19], and there was constant consultation with shipping companies and airlines to ensure goods could continue to be shipped,” a spokesperson for the Antwerp World Diamond Centre (AWDC) said Monday. “We have an unrivalled critical mass of buyers and sellers that enable true market value for rough productions.”
Nearly 100 rough tenders took place in the Belgian city in 2020, featuring sales of more than 10.5 million carats, the AWDC added. Eight tenders are scheduled for January, indicating that the momentum in rough-trading activity is continuing into the new year, the organization noted.
The Dubai Diamond Exchange (DDE), meanwhile, will accommodate six tenders before the end of the month, following a record-breaking sale by Stargems in December, the Dubai Multi Commodities Centre (DMCC) said last week. I Hennig, Koin International and Choron Group (in collaboration with service provider Bonas Group) will host tenders at the bourse for the first time, joining regular sellers Trans Atlantic Gem Sales, Stargems and the Rapaport Group.
Digital innovations have supported the sector, according to Sarine Technologies, which produces scanning systems that let customers at tenders view information showing a rough stone’s polished potential. This helps buyers decide whether to bid on a diamond from afar.
“Due to the fact that our planning products have become an industry standard, rough sellers are able to reach the vast majority of the potential market by simply sending them digital files,” explained Sarine CEO David Block.
Image: The Dubai Diamond Exchange. (DMCC)
Antwerp, Dubai Upbeat on Rough-Tender Market
The Bottom Line
- Antwerp and Dubai will host 14 rough diamond tenders combined in January, continuing momentum from a relatively strong 2020 despite Covid-19.
- Remote selling and digital tools, such as Sarine Technologies’ scanning systems, have enabled buyers to access detailed polished potential data and bid from afar.
- Rough prices at tenders remained lower than miners’ contract sales last year, attracting buyers focused on specific demand and supporting active trading.
- trade_insight
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