TAGS to Open Tender House in South Africa
February 10, 25
(IDEX Online) - Dubai-based Trans Atlantic Gem Sales (TAGS) is to open a new tender house in Johannesburg, in a move designed to provide "a valuable alternative sales channel" to South African producers.
It is another expansion for TAGS, which has sold $3.1bn of diamonds since it was founded in 2017.
Two years ago it was chosen to oversee the establishment of the Angolan Diamond Exchange and has since been holding tenders for Sodiam, Angola's state-owned diamond company.
TAGS says its new facility in South Africa will have 13 fully operational viewing rooms and a sorting facility.
"Our mission is to empower the South African diamond industry with a valuable alternative sales channel that enhances supplier revenues and supports growth in the local sector," the company said in a statement.
"We firmly believe that opening this operation in South Africa is a natural progression for TAGS and represents a significant value proposition for local producers and suppliers."
During 2024, TAGS said it presented 20 rough tenders, with a value close to $305m. Sales volumes increased through the year, but only around 65 per cent of goods were sold.
Pic shows TAGS in Dubai.