Trans Atlantic Gem Sales (TAGS) Tender took place between February 23 - 28, 2023. Many regular companies from all the major manufacturing centres, and in addition to some Israeli companies attending for the first time.
TAGS presented a relatively conservative volume of goods in line with recent events, to around 120 companies. The production was the regular Southern African range containing a full range of sizes to include a large number of single stones +10ct, as per a press release from the company. The material presented in February attracted increased praise from customers due to the overall composition. TAGS was able to present several nice fancy-coloured stones in the +10ct range. While small sizes and goods below $100 remained extremely popular, there is a growing interest in the 3-6gr ranges, which have suffered during the past few months, and in 2-4ct better qualities.
The reasons behind demand for small cheaper goods has been well explained in previous months, an upward shift in prices across other ranges is yet hard to justify in the context of polished price movements. However, the gaps are beginning to appear in manufacturers' stocks, which is positive. 5–10ct goods remain a little slow, with +10ct demand continuing to be selective. Russian goods were not offered this month, and goods from January have been slow to filter into the market, creating some short-term shortages.
In general, the impact of severe rough shortages that last years’ sanctions might have caused within the rough market have failed to materialise, and rough goods from Russia have generally found their way onto the markets. However, high interest rates and high inflation continues to dampen demand in the retail sector.
TAGS reports about 90% of goods offered got sold, with prices increasing in recent months, and only some withdrawals in +10.8ct goods. The company notes a significant improvement in recent months and hopes for a little more optimism as it heads towards the 2 quarter.
TAGS next sales event will take place in Dubai between 29 March - 4 April 2023.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
TAGS presented a relatively conservative volume of goods in line with recent events, to around 120 companies. The production was the regular Southern African range containing a full range of sizes to include a large number of single stones +10ct, as per a press release from the company. The material presented in February attracted increased praise from customers due to the overall composition. TAGS was able to present several nice fancy-coloured stones in the +10ct range. While small sizes and goods below $100 remained extremely popular, there is a growing interest in the 3-6gr ranges, which have suffered during the past few months, and in 2-4ct better qualities.
The reasons behind demand for small cheaper goods has been well explained in previous months, an upward shift in prices across other ranges is yet hard to justify in the context of polished price movements. However, the gaps are beginning to appear in manufacturers' stocks, which is positive. 5–10ct goods remain a little slow, with +10ct demand continuing to be selective. Russian goods were not offered this month, and goods from January have been slow to filter into the market, creating some short-term shortages.
In general, the impact of severe rough shortages that last years’ sanctions might have caused within the rough market have failed to materialise, and rough goods from Russia have generally found their way onto the markets. However, high interest rates and high inflation continues to dampen demand in the retail sector.
TAGS reports about 90% of goods offered got sold, with prices increasing in recent months, and only some withdrawals in +10.8ct goods. The company notes a significant improvement in recent months and hopes for a little more optimism as it heads towards the 2 quarter.
TAGS next sales event will take place in Dubai between 29 March - 4 April 2023.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
