TAGS and Sodiam Generate $13 Million at Luanda Tender

Trans Atlantic Gem Sales (TAGS) and Angola’s Sodiam sold $12.9 million worth of rough diamonds at their third tender of the year.

The event featured 44 diamonds over 10.8 carats, including two stones surpassing 175 carats. Of the 44 stones offered, 42 sold at the Luanda sale, TAGS said last week. TAGS sells production from seven mines in Angola.

Despite challenging conditions in the global diamond market, 38 international manufacturing firms participated in the tender. Both host companies emphasized the benefits of a transparent tender system that provided competitive results for buyers and mines, with TAGS noting the response at the tender was “highly positive.”

TAGS and Sodiam intend to build on this momentum, further growing Angola’s diamond industry.

Image: Rough diamonds in a shovel. (Trans Atlantic Gem Sales)