RAPAPORT… Trans Atlantic Gem Sales (TAGS) held its first live tender of rough diamonds in Dubai since the onset of the coronavirus pandemic, with participation from nearly 100 companies.
TAGS presented “high-quality” rough from mines in South Africa, Angola and Namibia worth approximately $30 million to $35 million, it said Tuesday. Some 90% of those goods sold by value. TAGS held its last live tender in February, but was forced to cancel its sales in March, May, June and July.
At the latest tender, the group saw solid demand for rough as polished sales began to improve and Indian manufacturers stocked up for the Diwali season, it noted. However, those midstream players estimate that sales during the upcoming holiday season will be weaker than a year ago, TAGS added.
The tender ran from August 24 to August 31 at Dubai’s Almas Towers, with many new companies taking part. The group will hold three additional tenders this year, with the next running from September 25 to September 30.
TAGS facilitates rough auctions and tenders on behalf of diamond producers, with operations in Antwerp, Cape Town and Dubai.
Image: Rough diamonds and a loupe. (Trans Atlantic Gem Sales)
Trans Atlantic Holds First Dubai Tender Since Feb.
The Bottom Line
- TAGS held its first live rough diamond tender in Dubai since February, offering $30 million to $35 million worth of high-quality stones from South Africa, Angola, and Namibia.
- Approximately 90% of the rough diamonds by value sold, driven by improving polished sales and Indian manufacturers stocking up ahead of Diwali.
- TAGS plans three more tenders this year, with the next scheduled for late September, amid expectations of weaker midstream sales during the upcoming holiday season compared to last year.
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