News Bureau

November 26, 2020

TAGS tenders sell 100% of offered rough

Trans Atlantic Gem Sales (TAGS) DMCC recently held a rough diamond tender in Dubai from the 17th to the 23rd November 2020. In the context TAGS issued a statement.

According to the TAGS, Owing to the impact of Covid-19 and the forced closures of factories for several months, the traditional Diwali holiday was dramatically reduced, with some factories only closing for around a week. We commenced our tender on the 17th November and concluded on 23rd November 2020. Most factories are now producing, although not at full capacity.

Several months of severely restricted supply by the leading producers, coupled with a better than expected recovery in China and the Far Eastern markets has led to a reduction in polished stocks and improved liquidity in the midstream. While there remains a question mark over the impact of the virus on consumer markets generally, for the time being there is some optimism for the Christmas season. Consequently, we saw strong demand for correctly priced commercial rough, particularly in sizes +3grs.

Against this backdrop we presented our regular South African, Namibian, and Angolan productions. TAGS presented almost 45,000 carats with a value of $35 to 40m to 130 leading international companies over 7 days.

Following the Abraham Peace Accord that was signed in August this year we were pleased to take numerous new registrations from Israeli companies keen to access TAGS tenders. This month we welcomed the first of these new companies, all of whom were delighted to have the opportunity to visit and bid for goods in Dubai. They joined companies from India, UAE, Russia, China, and Belgium.

Our team in Dubai continues to work closely with our customers providing help and support where required, regarding visas, group security clearance, and provision of constant updates on travel regulations and requirements in Dubai associated with Covid-19.

TAGS utilised the entire Dubai Diamond Exchange facility (41 viewing stations), to adhere to the strict safety regulations and social distancing required in the building. We concluded bidding on 23rd and results were published within 3 hours. TAGS had an exceptionally good result, selling almost 100% of goods offered, to 42 companies.

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