Industry News by Nemesis

TAGS Sells 85% of Rough Diamond in September Tender

October 2, 2019

 

Trans Atlantic Gem Sales (TAGS) held their most recent rough diamond tender between the 20th to the 27th September.  We presented two regular productions from South Africa and Angola and welcomed most of our regular customers.  Despite what is a challenging period for the market we registered several new companies, who we hope to see on a regular basis, and sold in the region of 85% of the goods presented.

 

For the last 2 tenders, clients have reported that the prices achieved were a good reflection of the current market position. They mentioned that it is beneficial for them to purchase only the goods they require, and at a financial volume where they can control their level of exposure.

Many clients had attended the Hong Kong Show, and while the show itself was far from a success, some clients commented that they were encouraged to see that there were very few ‘distressed sellers,’ which is perhaps indicative that we have reached the bottom in terms of price erosion.

 

During the tender, the Dubai Diamond Exchange hosted their bi-annual Diamond Conference attracting all the leading diamond bodies from around the world, as well as all the leading mining companies.  TAGS were Gold Sponsors of the event and were delighted to host several important producer representatives at the Gala Dinner on the 26th September 2019.

 

In addition, TAGS were honoured to be the first Tender House to utilise the new world class tender facility in the Almas Tower, highlighting our close professional relationship with the DMCC and DDE.  Anthony Peter, the owner of TAGS, was privileged to be one of the dignitaries to open the facility.

 

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