Larger Rough in Demand at Trans Atlantic Sale

RAPAPORT… Trans Atlantic Gem Sales (TAGS) registered proceeds of $60 million at its March tender in Dubai amid a steady market for larger rough diamonds.

The company sold just over 49,000 carats to 63 companies, with individual invoices ranging from $6,000 to several million dollars, the tender house reported last week. It offered a total of 60,000 carats of production from South Africa, Namibia and Angola with a combined value of around $65 million.

The sale featured around 150 special stones — above 10 carats — with TAGS seeing “a great deal of interest from the global manufacturing community” for these items, it added.

“In [0.75-carat and larger] sizes, we saw continued strong demand as in previous months, but noted a marginal softening in smaller sizes” under 0.75 carats, the company explained.

The tender also attracted several new participants from Israel. Israeli buyers have been able to transact with the United Arab Emirates since the two countries agreed to a peace accord last year.

TAGS predicted a “slight slowdown” in the rough market in the coming weeks as the Indian vacation season approaches.

“However, the polished markets remain in good shape, with China recently reporting a significant rise in jewelry sales in January to February this year, and strong holiday sales in America,” the company added.


Image: Rough diamonds. (Trans Atlantic Gem Sales)