Trans Atlantic Gem Sales (TAGS), which has tendered more than $30 million worth of high quality Southern African diamond production at its May tender, managed to sell 90% of the goods, Rough & Polished reports.
The tender, which featured 143 single stones weighing 10 carats and more, attracted almost 100 companies. There were “50 winning manufacturers coming from all the leading centers.”
According to TAGS’ statement, the ongoing situation in Ukraine, the effects of economic sanctions, and the impact of import/export bans on Russian goods, lead to “an acknowledgement that a reduction in rough availability is inevitable. Coupled with a strong shift away from goods of Russian provenance at consumer level this is encouraging buyers to seek out regular and reliable sources of alternative rough supply to maintain the flow into the factories and fulfill future orders”.
TAGS added that despite increased interest rates in America and ongoing Covid lockdowns in the major Asian markets, “manufacturers remain positive regarding the outlook for the year.”
