TAGS sells almost 90% of diamond goods presented at its May tender

Trans Atlantic Gem Sales (TAGS) put on the block over $30 million of high quality Southern African diamond production at its May tender of which almost 90% was sold. The tender house said that the diamond goods contained 143 single stones weighing 10 carats and more. The trading event attracted close to 100 companies representing all the major diamond centres. The tender identified 50 winning manufacturers coming from all the leading centres.
According to TAGS’ statement, the more cautious approach witnessed amongst manufacturers during the company’s April event was much improved as it presented its 7th sales event of 2022. 
“With the ongoing situation in Ukraine, the effects of economic sanctions, and the impact of import/export bans on Russian goods there is an acknowledgement that a reduction in rough availability is inevitable,” the statement said. “Coupled with a strong shift away from goods of Russian provenance at consumer level this is encouraging buyers to seek out regular and reliable sources of alternative rough supply to maintain the flow into the factories and fulfil future orders”. 
While the industry is in what is traditionally a quieter period of the year, there is also a cautious mood within the major consumer markets, TAGS opined adding that this has resulted from increased interest rates in America and ongoing Covid lockdowns in the major Asian markets. “Despite this however, manufacturers remain positive regarding the outlook for the year,” the company said in conclusion.