Tender Report May 2022

The more cautious approach we witnessed amongst manufacturers in our April event, triggered by a combination of a collapse in rough prices and the potential global impact of the Russia invasion of Ukraine, was much improved as we presented our 7th sales event of 2022.

With the ongoing situation in Ukraine, the effects of economic sanctions, and the impact of import/export bans on Russian goods there is an acknowledgement that a reduction in rough availability is inevitable.

Coupled with a strong shift away from goods of Russian provenance at consumer level this is encouraging buyers to seek out regular and reliable sources of alternative rough supply to maintain the flow into the factories and fulfil future orders. While the industry is in what is traditionally a quieter period of the year, there is also a cautious mood within the major consumer markets. This has resulted from increased interest rates in America and ongoing Covid lockdowns in the major Asian markets.

Despite this however, manufacturers remain positive regarding the outlook for the year. TAGS presented over $30m of high quality Southern African production, which contained 143 Single Stones of +10ct. We welcomed close to100 companies representing all the major centres.

Prices appear to have now settled and we sold close to 90% of goods presented to 50 manufacturers representing all the leading centres.

Our next Sales Event will take place between 8th -14th June 2022