Trans Atlantic Gem Sales (TAGS) has reported a significant increase in rough diamond sales, totaling $25 million at its February tender in Dubai compared to $14 million in January. The company noted a heightened level of interest, particularly in higher quality stones of 2.0 carats or above.
TAGS showcased approximately $30 million worth of southern African goods, predominantly consisting of sizes over 3 carats and many stones over 10.8 carats. Around 80% of the goods, totaling just over 22,000 carats, were sold to 50 manufacturing companies.
While demand was strong across most categories, there was a slight decrease in interest for spotted ranges and 2.0-carat sizes. However, there was notably good demand for sizes between -3 and +7 carats. The company also reported a noticeable improvement in viewing activity and a slight recovery in sales prices across a wide range of goods.
Despite the positive signs, TAGS remains cautious, noting that the market is still fragile and that demand in 2024 could be heavily influenced by geopolitical events such as conflicts.
