TAGS Sells $25m Rough as Prices Start to Recover
March 04, 24
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) sold $25m of rough at its February tender in Dubai, a significant increase on $14m in January.
The company reported levels of interest it hadn't seen for many months, especially in better qualities and stones of 2.0-cts or above.
TAGS presented £30m of southern African goods - mostly +3gr sizes and many +10.8-cts stones. It sold around 80 per cent - just over 22,000 carats - to 50 manufacturing companies.
"As expected, demand was strong across most areas with a slight reduction in interest across spotted ranges, and 2.0-ct sizes," the company said in its market report.
"While we didn't have big volumes, there was very good demand in -3gr/+7 sizes."
It noted a "significant improvement in viewing activity and a slight recovery in sales prices across a wide range of goods".
The market appeared stable, it said, but it cautioned that it remained fragile.
"Overall, the general feeling is that demand in 2024 will still be very much contingent on geopolitical events such as conflicts, that might significantly shape the global business landscape."
Pic courtesy TAGS.