TAGS Sells a Record $75m of Rough amid Uncertainty over Ukraine
March 06, 22
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) sold a record $75m of rough at its week-long tender in Dubai.
The sale, from 24 February to 2 March, outperformed its tender last August, which grossed $62m last August.
The market remained "very strong", it said, noting that events in Ukraine were causing uncertainty among buyers.
All the rough offered - almost 60,000 carats from southern Africa - was sold, to 70 of the 130 companies in attendance.
"While there were signs that the upward price trend was beginning to slow down in the middle of the month, recent events in Russia have again caused concern and uncertainty amongst rough buyers,"it said.
TAGS Trans sold just under $28.5m of rough in November. October sales at the Dubai Diamond Exchange totaled $35.6m.
File pic courtesy TAGS