Thursday Jan 30, 2025
Thursday Jan 30, 2025
Thursday, 30 January 2025 00:02 - - {{hitsCtrl.values.hits}}
The Colombo Tea Auction, which went digital due to the COVID-19 lockdown in 2020, returned to the traditional auction rooms at The Chamber of Commerce with an outcry auction yesterday.
The Colombo Tea Traders’ Association took a critical decision to keep this traditional auction system alive and is considering holding an outcry sale once a quarter. The Chairman and Committee is keen to keep alive the knowledge and skills of auctioning and bring together brokers, buyers, and sellers to meet as they did for more than 135 years.
The Ex-Estate catalogues, totalling 948 lots just under 1 million kilos, were sold by outcry auction, with Asia Siyaka Commodities PLC opening the sale to active bidding. Brokers and buyers enjoyed the freedom to bargain and exchanged banter whilst the sale moved at a brisk four plus lots a minute.
The auction room was packed with the new generation of buyers, brokers, and sellers who had not previously participated in an outcry tea auction. The old hands were equally eager to ‘meet and greet’ friends from the value chain, and there was a great buzz of excitement with all participants enjoying the moment.
The Colombo Tea Auction recorded world recognition by shifting to a digital platform in a record two weeks to counter the lockdown in 2020. At the time, Colombo was the only auction centre in the world that was open for business and the livelihood of almost 2 million people were assured during the very difficult period for the country.
At this week’s auction, the bulk of offerings were sold concurrently through the digital platform and attracted strong demand, with a total sale of 6.4 million kilos.
