The Trans Atlantic Gem Sales (TAGS) event took place in Almas Tower, Dubai from 21st -28th September 2022. While international markets remain impacted by the continued global economic situation and overall uncertainty, TAGS welcomed over 120 leading manufacturers from around the world.
According to TAGS, the industry was facing own specific issues currently. A stagnant Chinese market, and a cautious consumer globally represent just a couple of the problems in a pipeline of growing rough and polished stocks, liquidity shortages and high interest rates.
In addition, factories in India will close in the third week of October, for around three weeks for the Diwali holiday, and manufacturers will hope that post Diwali, the overall situation might show some positive signs in the lead up to the Christmas season.
Several other tenders scheduled to take place in early October in Dubai have been postponed. But, despite this situation, buyers are looking to view rough, but price is key.
Before the tender, it was reported that rough prices in the market had softened by between 5-10% in some areas, particularly in +3gr, while smaller goods and cheaper quality ranges have fared better. We were also informed that all goods from leading mining houses in these ranges, were trading below cost.
Given the market situation, Trans Atlantic Gem Sales were pleased to present a smaller than average tender of around $25m, containing a full range of sizes in predominantly better qualities.
Unfortunately, approximately 45% of goods were withdrawn reflecting the difficult market conditions, and having fallen short of reserve prices.
Sales were made to 40 companies and our results were indicative of the prices achieved by the market, with +3gr ranges being most affected. Goods in smaller sizes and cheaper ranges held prices in line with last month.
Aruna Gaitonde, Editor in Chief of the Asian Bureau Rough&Polished
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