RAPAPORT… Trans Atlantic Gem Sales (TAGS) brought in $62 million at its latest rough-diamond tender in Dubai, its highest proceeds to date, as the market continued to strengthen.
The tender house offered 43,300 carats of goods from southern Africa and Angola from July 14 to 21, it said Thursday. The diamonds covered a range of sizes and were mostly in higher qualities, with many single stones larger than 10 carats and several ranging from 30 to 100 carats.
TAGS extended the sale by a day because of high demand. While more than 100 companies came, some had to cancel after Israel imposed a quarantine requirement on travelers returning from the United Arab Emirates (UAE). Around half of the companies that participated were successful in their bidding.
“Demand across the whole range remained extremely strong, and prices remained at the record levels achieved last month,” TAGS explained.
Image: A rough diamond. (TAGS)
Trans Atlantic Garners $62M at Record Rough Tender
The Bottom Line
- TAGS sold 43,300 carats of rough diamonds from southern Africa and Angola, including many stones over 10 carats and several between 30 and 100 carats.
- The tender was extended by one day due to high demand, attracting over 100 companies despite some cancellations linked to Israeli quarantine rules.
- Approximately half of the participating companies secured purchases, with prices holding at record levels from the previous month.
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