TAGS Sells Less Than Half the $40m Goods Offered
October 02, 23
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) sold less than half the rough on offer at its September tender in Dubai, amid ongoing weak demand.
The company didn't want to provide an exact figure but said it had offered around $40m of goods.
It said most sales were of +10.8-ct stones, which remained least affected by negative market sentiment.
"Unfortunately, we were obliged to withdraw a higher proportion of goods than in recent months, which might ultimately be beneficial for the longer-term health of the market," the company said in a report.
"We believe there is some evidence we may have now reached the bottom in terms of pricing and would hope to see a slow recovery and improvement in sentiment in the coming months."
TAGS canceled its June tender due to slow demand. In February it sold around $20m and in December 2022 it sold $14m. In March 2022 it set a company record with total sales of $75m.
The company said there had been less interest in the 5gr-10ct ranges at the September tender, particularly in lower colors and goods producing SI polished. Smaller sizes (-3grs) sold well, although prices had softened from the peak.
File pic courtesy TAGS