Industry News by Nemesis

Trans Atlantic Grosses $50M in Dubai Tender

February 28, 2019

 

Trans Atlantic Gem Sales (TAGS) sold a record $50.1 million worth of rough diamonds at a tender in Dubai earlier this month, it said Monday. 

A total of 79,213 carats of high-quality stones from mines in South Africa, Angola and Namibia yielded an average price of $633 per carat. The sale included a number of large, single stones and exceptional specials, the company said. 

“TAGS has seen steady growth in both [volume] and value terms,” a company spokesperson noted. “Many returning customers reported positive results from manufacturing previous purchases.” 

Some 194 clients attended the sale, the company’s first of the year. It will hold another seven tenders in 2019. 

TAGS facilitates rough auctions and tenders on behalf of diamond producers, with operations in Antwerp, Cape Town and Dubai. 

Image: Rough diamonds. (Trans Atlantic Gem Sales)

 

Source: Rapaport

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