TAGS Sells $20m as Sentiment Improves

(IDEX Online) - Trans Atlantic Gem Sales (TAGS) says it sold around $20m of South African rough at its February tender, in Dubai.

That's an increase on the $14m it sold in December, but still far short of the record $75m it sold last March.

"We presented a relatively conservative volume of goods in line with recent events," the company said. "The overall reaction this month would indicate a slight improvement in the mood of buyers.

"There are feelings that the effect of the war in Ukraine on global economic growth is beginning to taper off, and a cautious optimism is evident."

Around 120 companies attended, including some first-time visitors from Israel, taking advantage of normalized relations.

TAGS noted that gaps were beginning to appear in manufacturers stocks, which it said was a positive sign.

Around 90 per cent of goods offered were sold, with prices increasing on recent months, and only some withdrawals in +10.8ct goods.