Rough Prices Soften at Trans Atlantic Tender
September 13, 2021
RAPAPORT... Prices for rough diamonds over 0.75 carats at the September Trans Atlantic Gem Sales (TAGS) tender slipped around 5% to 7% versus recent months, the company reported.
“Several recent rough tenders, coupled with regular sales by the leading producers...has resulted in increased levels of rough availability,” the company said last week. “Against this backdrop, rough remains in good demand, although premiums on the secondary market have softened since August.”
TAGS withdrew a number of parcels from the Dubai sale because they didn’t meet their reserve prices, it said. At previous tenders, the company sold all of its goods — including at its July tender, which brought in a record $62 million and was extended due to high demand.
Rough stones weighing 0.75 carats or below have maintained their prices, even increasing marginally in certain categories, TAGS noted.
The tender house offered approximately 20,000 carats of goods from southern Africa and Angola from September 2 to 9, garnering a total of about $45 million. The diamonds were almost entirely 0.75 carats and above, with about 145 stones weighing more than 10 carats.
TAGS believes the robust market will continue into the fourth quarter, as customers who had representation at the recent JCK Las Vegas show reported steady demand from the US market, it said. That means manufacturers will need to restock rough to fill holiday orders.
In total, 120 companies took part in the tender, with participants hailing from Israel, Belgium, Hong Kong and Dubai.
Image: Fingers holding a rough diamond. (Trans Atlantic Gem Sales)
Article originally published on Diamonds.net here