Rough Sales Slow in a Cautious Market, says TAGS
December 15, 22
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) says it sold over 70 per cent of the $20m of rough offered this month, in what it describes as a "cautious" market, realizing a total of $14m.
In November it offered $23m of rough and said only that it had sold more than the 55 per cent it managed at its previous tender. For comparison purposes, its rough sales in July were $35m.
In its December report, Dubai-based TAGS said polished stocks were at high levels and rough manufacturing in India was at around 50 per cent of full capacity.
"This lack of appetite for rough has impacted tender/auction prices, particularly in sizes +3gr, over the past few months, and rough from the leading producers on the secondary market continues to be discounted," it said.
"Conversely prices of smaller sizes -3gr and cheaper goods have been buoyed by demand to keep factories and workers operative. It is widely anticipated that this area of rough may also see a softening in price in the New Year."
File pic courtesy TAGS