TAGS Tender Delivers Stronger-Than-Expected Rough Prices
TAGS Tender Generates $21.7 Million as Rough Diamond Prices Beat Expectations
Trans Atlantic Gem Sales (TAGS) generated more than $21 million in sales at a recent rough-diamond tender, with prices surpassing sellers' expectations amid continued demand for large, high-value stones.
The company, in partnership with Angola's state-owned diamond producer Sodiam, held the tender in Luanda in early June. The sale featured diamonds weighing 10.8 carats and above from 10 different mining operations, along with a full run-of-mine production from an 11th supplier.
The auction achieved $21.7 million in sales, with 95% of the goods offered finding buyers.
"Prices once again exceeded the participating mines' expectations, while the event received highly positive feedback from the specialist international buyers who traveled to Luanda to participate," TAGS said. "These results further demonstrate the strength of global demand for high-value, larger rough diamonds."
TAGS also hosted a separate tender in Dubai during early June featuring rough diamonds from Zimbabwe. The sale achieved a complete sell-through, with prices for higher-quality goods remaining firm, while lower-quality material recorded a modest decline.
A second mixed-goods tender, offering rough across a range of sizes and colors, delivered a slightly weaker sell-through rate, which TAGS attributed to withdrawals of smaller, lower-value goods from the offering.
TAGS also reported strong results from its June and July tenders in Johannesburg, where approximately 75% of lots sold at each event. The company said the auctions attracted a record number of participants, underscoring robust demand for South African rough diamonds.
Its latest tender, held in Dubai, featured regular production from South African mines, with a focus on rough diamonds weighing 10 carats and above. Buyer turnout was exceptionally strong, resulting in the sale of more than 80% of the lots and total proceeds of $15.2 million, TAGS said.
