The Dubai auction house Trans Atlantic Gem Sales (TAGS) has summed up the results of two November tenders.
One of them was dedicated to Angolan production, the second — to products from South Africa. In total, about 51,000 carats worth over $40 million were put up for auction. 190 companies took part in the auction.
According to TAGS, high demand remained for stones of all ranges up to 10 carats. Goods in sizes up to 11 carats were also in good demand after a reduction in supplies from De Beers and ALROSA. Due to the lack of demand from China, weak interest was noted in products in the 3-6 gr. In total, lots were sold to 80 companies from all leading production centers. Another auction of the Dubai house is being held this week; its results will be announced later.
Overall, commenting on the situation in the diamond market, the auction house notes the increase in demand following the end of Diwali, one of the main religious holidays in India, when the country goes on a long holiday.
"There has been a clear increase in demand since Diwali, which is encouraging, but we remain acutely aware of the fragility of the market as we approach 2025," the company noted. "While many of the factors that influenced sentiment during the year remain, we have seen a slight improvement in overall sentiment."
The industry estimates De Beers' annual sales in 2024 at around $2.7 billion and 18 million carats, which is significantly lower than previous figures approaching 30 million carats.
Okavango Diamond Company (ODC) did not conduct sales this month, they may resume in January. ALROSA held limited sales in Moscow in November, the estimated amount was about $50 million. The coming weeks are considered critical for the diamond market. All eyes are on the December sales of De Beers and Alrosa, which should show whether diamond prices will decline or not.
While overall diamond imports to India in US dollars in 2024 are down about 35% from last year, with a 23% decline in carats, diamond exports in October were up 11.32% from last year. These figures could signal a recovery in demand for the gems. Although this is an improvement in one month, manufacturers are expressing some optimism that the market will stabilize.
Polished diamond sales remained stable with firm prices, which experts attribute more to tight supply than to rising demand. Some manufacturers said that polished diamond sales this month were the best in the last year and a half.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
