dmcc dubai diamonds metals

“Fragile Market” Doesn’t Hurt TAGS’ July Rough Tender

Trans Atlantic Gem Sales (TAGS) sold around $35 million in rough diamonds at its July rough tender in Dubai, IDEX Online reports. 

 

Sales in June amounted to $25 million, and in April – $20 million. In July, TAGS sold about 70% of the $50 million worth of goods that it put for sale.

 

TAGS said that polished prices remained largely static, adding that “China was still suffering from the pandemic and sanctions on Russia were now impacting the US and Israel.” They described the mood among the 130 companies that participated in the tender as “measured.”

 

TAGS said in its report: “Despite the apparent appetite to view goods, there is still a degree of fragility in the rough market in some quarters. This is likely resulting from a combination of uncertainty in the supply chain, the effects of worldwide inflation, a strong USD, and a general mood of caution amongst the world economies.”

 

Natural Rough Diamond Kimberlite
Credit: Bjoern Wylezich / shutterstock.com

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