Trans Atlantic Gem Sales (TAGS) sold over 70% of the rough diamonds offered this month for a total of $14 million, IDEX Online reports.
In its December report, the Dubai based firm said “polished stocks were at high levels and rough manufacturing in India was at around 50% of full capacity.”
TAGS said: “This lack of appetite for rough has impacted tender/auction prices, particularly in sizes +3gr, over the past few months, and rough from the leading producers on the secondary market continues to be discounted. Conversely prices of smaller sizes -3gr and cheaper goods have been buoyed by demand to keep factories and workers operative. It is widely anticipated that this area of rough may also see a softening in price in the New Year.”
