Trans Atlantic Gem Sales (TAGS) has summed up the results of two tenders it held in Dubai in March and April. High-quality products from South Africa were auctioned for a total of $50 million to a client base of about 150 companies.
As the company noted, the level of interest in the products was quite high, sales were made to a total of about 60 companies from all major production regions.
At the same time, it stated the heterogeneity of trading results: the slowdown in demand for diamonds weighing 3-8 gr and a slight reduction in demand for diamonds weighing 3-10 ct continues. At the same time, the price for products up to 10 carats remains stable, and there is also a high demand for fancy color diamonds of all sizes.
Overall, the rough diamond market remains fragile due to a number of concerns, TAGS notes. The new sanctions imposed by G7 from March 1 created significant blockages of goods in Antwerp, causing concerns among dealers.
Meanwhile, ALROSA sold all March production to the Russia’s Gokhran. This reduction in rough coming into the market is helping to destock the polished pipeline and support polished prices. Polished demand in the US remains patchy, with demand for the 1.00-1.50 ct ranges remaining weak. Demand is steady in the larger sizes. In India demand is weak from overseas markets. A similar trend is observed in China with notable increase in gold demand.
The next tender in Dubai is scheduled for May 7-12.
Hélène Tarin for Rough&Polished
