TAGS Rough Sales hit by Tariffs Turmoil
May 11, 25
(IDEX Online) - Trans Atlantic Gems Sales (TAGS) reported lower prices and lower sell throughs, with the rough diamond is again "in turmoil" following the announcement of US reciprocal tariffs last month.
The Dubai-based tender house presented $30m of goods at two events last month, with sell throughs of just under 50 per cent in the first and just over 75 per cent in the second.
The second event, with an emphasis on bigger sizes - high quality +10.8cts and goods above 2cts - achieved approximately $7.3m.
TAGS was unable to provide a figure for the first event, but reported stronger sales in the higher quality larger size ranges, and weaker results among small, cheaper goods. It said reports from recent sales events indicate a reduction in price of around 5 to 10 per cent on smaller sizes.
"In our last Report (March 2025) we were cautiously reporting a slight improvement in rough prices in certain areas, with a general improvement in market stability," said TAGS in its Market Overview.
"However, just one month later and due to the blunt application of US government tariffs on imports in early April, we now find the market again in turmoil, with confidence shaken.
"While the overall effects across global economies and stock markets is well publicised, the effect on the diamond industry have also been severe."
TAGS, founded in 2017, is expanding its operations, with the opening of a new tender house in Johannesburg.
File pic of TAGS rough diamond.