Trans Atlantic Gem Sales (TAGS) first sales event of 2022 took place during 19 – 25, January. The strong rough demand and positive sentiment within the midstream which was present in the final quarter of 2021 has continued its surge into the New Year, according to a press release from TAGS.
This is attributed to the positive polished sales in the major consumer markets over the Christmas period coupled with limited availability of rough in the markets.
While the company saw strong rough demand across the full range of quality and sizes, there remains a particular focus on the cheaper ranges.
The Tender attracted record demand for bookings to view the Southern African productions, and the company welcomed close to 200 companies from all the leading centres
TAGS, which presented approximately 30,000 carats with a value over $40m in the DDE tender facility in Almas Tower, has reported that 100% of goods were sold to around 60 companies representing all the leading centres.
Prices achieved surpassed expectations, reflecting the strength of the rough market and the exceptionally high levels of demand. TAGS anticipates the market to remain strong in the coming months.
During the week De Beers increased rough prices by around 5-10% in +3gr sizes and as much as 15% in smaller ranges.
This increase was higher than the market had anticipated, but there is still evidence of solid premiums being offered on the secondary market.
TAGS next Tender will take place in Dubai from 24 Feb – 2 March 2022.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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