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Trans Atlantic Gem Sales (TAGS) sold more than $21 million in goods at a recent tender, with prices exceeding expectations.
At a sale in Luanda in early June, in partnership with Angola state-owned diamond miner Sodiam, TAGS offered diamonds weighing 10.8 carats and above from 10 different deposits. The tender also included a full run-of-mine production from an 11th seller, it said Wednesday. In total, that auction raked in $21.7 million, with 95% of goods on offer finding buyers.
“Prices once again exceeded the participating mines’ expectations, while the event received highly positive feedback from the specialist international buyers who traveled to Luanda to participate,” TAGS said. “These results further demonstrate the strength of global demand for high-value, larger rough diamonds.”
The company also held a second sale in Dubai in early June, comprising stones from Zimbabwe. All items at that tender sold, with prices in the better qualities remaining firm, while the lower ranges saw a further small reduction, TAGS explained. Meanwhile, a second tender offering a range of goods across all sizes and colors had a “slightly weaker sell-through, due to withdrawals in the smaller and cheaper ranges of rough.”
Tenders in Johannesburg for South African goods in June and July performed well, selling approximately 75% of lots at each. TAGS had a record number of participants at those sales, it said.
The company’s most recent sale, which took place in Dubai, consisted of regular production from South African mines, with a focus on diamonds weighing 10 carats and above. Attendance at that tender was “extremely high,” with more than 80% of lots selling for a total of $15.2 million, TAGS added.
Image: Rough diamonds for tender. (Trans Atlantic Gem Sales)
