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Trans Atlantic Holds First Dubai Tender Since Feb.

Sep 1, 2020 9:56 AM   By Rapaport News
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Trans Atlantic Gem Sales (TAGS) held its first live tender of rough diamonds in Dubai since the onset of the coronavirus pandemic, with participation from nearly 100 companies.

TAGS presented “high-quality” rough from mines in South Africa, Angola and Namibia worth approximately $30 million to $35 million, it said Tuesday. Some 90% of those goods sold by value. TAGS held its last live tender in February, but was forced to cancel its sales in March, May, June and July.

At the latest tender, the group saw solid demand for rough as polished sales began to improve and Indian manufacturers stocked up for the Diwali season, it noted. However, those midstream players estimate that sales during the upcoming holiday season will be weaker than a year ago, TAGS added.

The tender ran from August 24 to August 31 at Dubai’s Almas Towers, with many new companies taking part. The group will hold three additional tenders this year, with the next running from September 25 to September 30. 

TAGS facilitates rough auctions and tenders on behalf of diamond producers, with operations in Antwerp, Cape Town and Dubai.

Image: Rough diamonds and a loupe. (Trans Atlantic Gem Sales)
Tags: Almas Towers, Covid, Dubai Tender, Rapaport News, TAGS, Trans Atlantic, Trans Atlantic Gem Sales
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