(IDEX Online) - Trans Atlantic Gem Sales (TAGS) said more than 40 per cent of goods remained unsold at its latest tender.It blamed growing concerns over inflation in the US, Russian sanctions, and increased and Covid restrictions in China.The auction house, based in Dubai and Cape Town, said it sold just under $20m of rough from the $35m offered. In March, by contrast, it sold a company record of $75m.Ninety companies from all the major centers attended but only 30 made purchases. It said most of the reduction in volume was in the single stone +10.8ct category. "While there have been relatively modest reductions in polished prices in larger sizes +1.00ct, the reduction has been greater in sizes below 0.30 points," the company said. "The overall uncertainty left rough manufacturers in a very cautious mood."Several lots didn't reach the required prices and were withdrawn.However it did sound a note of optimism. "We feel that the rough market will now begin to stabilize and against current polished price, rough should reflect close to the prices paid in November/December 2021," it said.File pic courtesy TAGS.