Image credit: TAGS
Trans Atlantic Gem Sales DMCC (TAGS) recently held a rough diamond tender in Dubai from the 17th to the 23rd November 2020, presenting the regular South African, Namibian, and Angolan productions. TAGS presented almost 45,000 carats with a value of $35 to 40m to 130 leading international companies over 7 days.
TAGS held this tender against the background of the global diamond industry impacted by of COVID-19, leading to several months of severely restricted supply by the leading producers, coupled with a better than expected recovery in China. And, as there is some optimism for the Christmas season in terms of demand from end consumers, the company claims to have seen
strong demand for correctly priced commercial rough, particularly in sizes +3grs.
According to the company, it received numerous new registrations from Israeli companies keen to access TAGS tenders, along with companies from India, UAE, Russia, China, and Belgium. The company’s team in Dubai continues to work closely with its customers providing help regarding visas, group security clearance, and provision of constant updates on travel regulations and requirements in Dubai associated with COVID-19.
For the auction, TAGS utilised the entire Dubai Diamond Exchange facility (41 viewing stations), to adhere to the strict safety regulations and social distancing required in the building. TAGS had an exceptionally good result, selling almost 100% of goods offered, to 42 companies.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
