TAGS Sells $28m Rough as Demand Increases
November 25, 24
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) sold around $28m of rough at two tenders this month, as it noted a clear increase in post-Diwali demand.
The Dubai-based auction house said demand remained strong across all +10ct ranges, with an improvement in all goods +2cts, particularly 5cts to 10cts.
But smaller goods fared less well, notably three to six grainers, due to a collapse in the Chinese market. "China remains stagnant, with no expectation that things might improve before H2 2025," it said.
TAGS offered a total of 51,000 carats, valued at over $40m (from Angola and southern Africa), and reported a sell through of around 70 per cent in both dollar and carat terms.
The increase in demand was encouraging, it said in its November tender report, and it anticipated steady demand for rough (it has another tender starting this week).
But it also said it remained "acutely aware of the fragility of the market as we move towards 2025".
Last month TAGS raised $12.9m from the sale of 42 specials at an event held jointly with Sodiam E.P., Angola's state-owned diamond trading company.
It said the response from buyers was "highly positive," in spite of challenges.
File pic courtesy TAGS.