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14 november 2022
mike_aggett_xx.pngMike Aggett is an experienced Private Consultant with a demonstrated history of working in the mining and metals industry. Skilled in Luxury Goods, Business Planning, Sales, Gemology, and Jewelry, Mike is a professional who graduated from Dover College.

Mike Aggett has previously worked with De Beers for 32 years both overseas and in the UK, where he concluded his employment as Head of Client Management responsible for Global Sightholder Sales.

Currently being the Chief Executive Officer and Director of Trans Atlantic Gem Sales (TAGS), Mike Aggett is also a Member of the Board of Directors at Dubai Diamond Exchange.

Here, in an exclusive Interview with Rough&Polished, Mike Aggett speaks about TAGS’ activities and performance in Dubai…

Some excerpts…

For the readers' benefit, can you tell us about TAGS’ background … right from the inception of the company till date? In which country was it incorporated, what services were offered initially, etc.

Trans Atlantic Gem Sales commenced Tender/Auction activities in 2017 and is incorporated in Dubai. As the first tender house to recognize the potential of Dubai as a significant rough trading centre, it was our successful establishment of regular sales events that encouraged the Dubai Diamond Exchange to construct a state-of-the-art tender facility, within DMCC’s Almas Tower. In 2017 we presented a small production from South Africa totalling $3.4m and today host monthly events offering on average $30-40m.

Is TAGS operating in other countries as well… Or has the plan to start a similar operation soon?

TAGS has a representative office in Cape Town.

During 2022 TAGS was selected by the Angolan government, from several of the world’s leading tender houses to establish the Angolan Diamond Exchange and arrange the management and execution of diamond tenders on behalf of Sodiam in Luanda. The tender facility is currently being completed in the Sodiam building and we hope to commence tenders in Luanda in early 2023.

Besides the auction, what other Services do TAGS offer at present? Are there plans to include more services on the horizon?

Dubai has counted amongst its strengths, a welcoming and advantageous environment in which to conduct business. As such most TAGS' customers now have a business presence in Dubai, and many families have relocated from the traditional centres. TAGS offer several business services to suppliers which are detailed below.

Again, for the readers' knowledge, can you briefly list the other services offered by Trans Atlantic Gem Sales (TAGS) currently in Dubai?

We offer an end-to-end solution for both larger producers and smaller artisanal operations. In brief, we can:

Facilitate partial financing

Sorting of goods

Valuation of goods

Secure storage within TAGS offices

Branding (Producers can utilize their branding material/logos during the tender)

Event Management and execution

Full reporting and sales analysis

Invoicing and payment management

Shipment of goods to winning bidders

Besides South Africa, which other countries do your tenders represent now … or plan to include in the future? If representing small artisanal miners, is due diligence followed by TAGS considering the source?

We have tendered goods from across Southern Africa and Angola regularly.

Where we have represented smaller artisanal operations, we are obliged to follow the strict guidelines associated with the government involved.

Is any competition in the offing for TAGS in Dubai, in terms of gem auctioneers? What’s the experience /benefit/success, etc., achieved to date by TAGS from operating in Dubai?

The success of TAGS over the past 5 years has encouraged many large tender houses to establish regular and sizeable tender operations in Dubai. This activity and the associated growth in the diamond business resulted in Dubai becoming the leading centre for rough diamond trade in the world in 2022, a position previously held by Antwerp.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished