TAGS tenders for almost 45K carats held
Sells 100% of offered rough to 42 companies Trans Atlantic Gem Sales (TAGS) DMCC recently held a rough diamond tender in Dubai from the 17th to the 23rd November 2020. In the context TAGS issued a statement. According to the TAGS, Owing to the impact of Covid-19 and the forced closures of factories for several months, the traditional Diwali holiday was dramatically reduced, with some factories only closing for around a week. We commenced our tender on the 17th November and concluded on 23rd November 2020. Most factories are now producing, although not at full capacity. Several months of severely restricted supply by the leading producers, coupled with a better than expected recovery in China and the Far Eastern markets has led to a reduction in polished stocks and improved liquidity in the midstream. While there remains a question mark over the impact of the virus on consumer markets generally, for the time being there is some optimism for the Christmas season. C...