TAGS sells &28 m due to post-Diwali demand

Trans Atlantic Gem Sales (TAGS) sold around $28m of rough at two tenders this month, as a clear increase in post-Diwali demand was noted. Demand remained strong across all +10ct ranges, in all goods +2cts, particularly 5cts to 10cts. But smaller goods fared less well, notably three to six grainers, due to a collapse in the Chinese market, according to a report in idexonline.

TAGS offered a total of 51,000 carats, valued at over $40m (from Angola and southern Africa), and reported a sell-through of around 70 per cent in both dollar and carat terms. However, it also said it remained “acutely aware of the fragility of the market as we move towards 2025”.

Last month TAGS raised $12.9m from the sale of 42 specials at an event held jointly with Sodiam E.P., Angola’s state-owned diamond trading company.