TAGS sells rough diamonds worth almost $21M

TAGS sells rough diamonds worth almost $21M

- in Business

In a recent tender kept in Dubai earlier this month, Trans Atlantic Gem Sales (TAGS) reportedly earned $20.9 million after selling its rough diamonds.

One within the world\’s leading gem e-sales solutions, TAGS is actually a company which combines retail supply-chain distribution expertise with extensive diamond industry experience.

Following seven previous tenders, all successfully received by way of the general buying public and market, this latest tender follows yourrrre able to send growth in both popularity and caratage. Reported by the company itself the other day, TAGS reportedly sold high-quality diamonds along with a total weight of 25,342 carats for $824 per carat, per Rapaport. Lots of high-quality stones originate from mines in Angola and Africa.

This latest tender marks the eighth TAGS held this present year, with three more tenders scheduled for the remainder of 2019 . Additionally, 114 companies have attended the said tender, held from July 31 to Aug. 8.

According to the company spokesperson, to increase reflect the upcoming holiday period, TAGS\’ tender this time is much smaller than the previous ones. Within a July Rapaport article, the company sold 27,161 carats of stones pricing $1,288 per carat last June. Around 126 companies attended the said tender. ?

With sales offices located within Antwerp, Dubai and Cape Town, TAGS also makes it much easier for diamond producers to carry rough auctions, showcases and tenders by facilitating them for the children.

TAGS sold diamonds using a total weight of 25,342 carats sourced from mines in Angola and Africa. (Source)

The current state of diamonds in 2019

As what Bloomberg reported, \”the diamond industry boasts a size problem,\” with an increase of people choosing smaller gems with lower quality. Additionally, there are the fact that laboratory-made gems are increasingly becoming more popular and simpler to obtain, and they are generally enough for miners to hold their coats and call it a day.

Shifting attitudes available is also one reason behind the diamond industry\’s losing glimmer, what with millennials showing lesser fascination with buying diamonds as opposed to previous generations. Still, there may be hope, as in keeping with Morgan Stanley, synthetic lab-grown diamonds only compose around 1 % of the global market.

In other developments, the total diamond sector is as well now considering taking significant stages in ethical and environmental standards. Type effort certainly is the?Code of Practices Certification. From the Responsible Jewellery Council, this encourages all stakeholders around to develop their unique standards that will hold up resistant to the test of time.

Additionally, more companies, similar to Tiffany & Co. and Taylor & Hart, are generally adopting sustainable and ethical models. The Diamond Empowerment Fund, a non-profit organization, can be hopping in on your trend, working away at initiatives which will help promote long-term sustainability.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Germany to Allocate 252.7 million EUR to Georgia

Minister of Finance Mamuka Bakhtade expressed gratitude to