With the further easing of travel restrictions between India and Dubai, Trans Atlantic Gem Sales DMCC (TAGS) welcomed more than 120 companies including buyers based in Israel, Belgium, Hong Kong and Dubai, at the recent rough tender which ran from the 2 to 9 September 2021.
Customers who had representation at the recent JCK Vegas show reported steady demand from buyers visiting the event, which reflects continued demand for the important fourth quarter from the US market, although recent polished prices across the consumer markets have levelled out following several months of steady growth.
Against this backdrop rough remains in good demand although premiums on the secondary market have softened since August. “We believe current prices in gem categories +3grs now reflect the prices achieved in June, in essence a softening of around 5 -7% from the peak. Ranges 3gr and below and cheaper goods have maintained their price and, in some categories, increased marginally as manufacturers maintain supply to factories,” said TAGS in its statement for the press.
TAGS presented close to 20,000 carats with a value approaching $45m, made up of regular range of rough from Southern Africa and Angola. The composition was almost entirely made up of 3grs and larger and featured around 145 Single Stones +10 carats.
TAGS concluded the sale with 44 successful companies representing all the leading centres. Price analysis indicates that the price realisation was slightly ahead of the market. TAGS next Event will take place from 6 to 12 October 2021.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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