TAGS Reports Increased Sales Despite 'Fragile' Market
July 25, 22
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) sold around $35m at its July rough tender in Dubai, as it reported "fragility" in the market.
That's an increase on sales in June of $25m, which were up from $20m in April. TAGS said it presented around $50m of goods in a full range of sizes, and sold around 70 per cent.
"Overall, prices in sizes -3grs held up well, 3-6grs performed less well as did the 2-4ct ranges," the company said in a tender report. "Single stones remain popular with specialist buyers."
Polished prices were generally static, it said, but China was still suffering from the pandemic and sanctions on Russia were now impacting the US and Israel. It described the mood among the 130 companies attending the sale as "measured".
"Despite the apparent appetite to view goods, there is still a degree of fragility in the rough market in some quarters.
"This is likely resulting from a combination of uncertainty in the supply chain, the effects of worldwide inflation, a strong USD, and a general mood of caution amongst the world economies."
File pic from a TAGS sale