Buyers "Positive" as TAGS Sells $14m Rough

(IDEX Online) - Trans Atlantic Gem Sales (TAGS) sold just over $14m of rough at its latest tender in Dubai, with buyers appearing a little more positive.

Bidding was strong across all ranges, the company said, and many prices 3grs to +10cts were up a few per cent on the previous tender in December.

However a quarter of the goods offered - 20,000-plus carats valued at over $20m - remained unsold.

Ninety companies attended the sale, at Almas Tower. Half of them - from USA, Belgium, Israel, and India - made purchases.

Goods were from southern Africa, mostly+3grs, with a number of high-quality +10-cts stones, TAGS said in its market report.

"The rough market has opened in slightly more optimistic mood," it noted. "Initial reports however coming from US retail would indicate a mediocre level of sales.

"While we are not witnessing the exuberance often associated with the beginning of a new year, the last few months of reduced rough imports into India and lower levels of rough supply, has stabilised the market and improved liquidity resulting in some requirement to restock the factories."