Sodiam and TAGS Sell $22m in Joint Tender
October 12, 23
(IDEX Online) - Sodiam sold $22.3m of +10.8-cts rough diamonds from its mines in Angola in a tender which was, for the first time, coordinated by Dubai-based TAGS (Trans Atlantic Gem Sales).
A total of 1,329.89 carats were sold from five mines owned by the Angola's national diamond trading company. Bids were made remotely using TAGS' online platform.
Highlights included a pink stone from the Somiluana mine that yielded $1.53m, a parcel of seven stones from Lulo ($15.7m), 18 stones from Kaixepa that yielded $2.04m, seven stones from Catoca that yield $2.07m and three from Luele that yielded just under $1m.
All goods were sold at the tender, which closed yesterday (11 October), in what TAGS described as "a very strong start to our relationship with Sodiam".
Eugenio Bravo da Rosa, Sodiam's chairman, said: "Although the adverse market circumstances that the diamond industry have been going through since the last quarter of 2022 due to several macroeconomic and social political factors and variables, we still managed to yield a revenue above the producers expectations with this tender, which show us that there is still some demand for a certain category of stones in the international market".
File pic of Sodiam diamonds