In a remarkable trade development, the Guwahati Tea Auction Centre or GTAC witnessed the sale of Assam tea amounting to a staggering Rs 2,300 crore in the fiscal year 2023-24.
This figure underscores the importance of GTAC in the global tea industry, not only as a bustling hub for tea trading but also as a record-setter for auction prices.
The GTAC, constituted in 1970, has been known for its huge volume of CTC tea auctions, making it one of the most prominent tea trading facilities worldwide.
The exceptional quality of Assam tea was highlighted when the rare and exquisite Manohari Gold Tea, cultivated in the Dibrugarh district of eastern Assam, fetched an unprecedented Rs 1.15 lakh per kilogram at a private auction on the Tea Inntech portal.
About Guwahati Tea Auction Center, this year from Sale No. 14 (April 1st Week) to Sale No.49 (December 1st Week) GTAC sold 114.29 m kgs at the average price of Rs 198.51 against last year in the same period sold 114.50 m kgs at an average price of Rs 201.14, said Ramesh Mundhra of Mundhra Tea Company, Guwahati.
As per Tea Board Production Data, the Indian Tea crop from Jan-Oct is 1163.06 m kgs against Last year (Year 2022) of 1166.34 m kgs.
This auction set a new benchmark for tea auction prices, surpassing the previous record of Rs 99,999 per kilogram achieved by the same variety at GTAC in December 2021.
The GTAC’s success is further illustrated by the sale of approximately 165 million kg of tea during the fiscal year 2022-23, which amounted to over Rs 3,300 crore, with an average price of Rs 191.26 per kg.
This performance indicates a growing demand for Assam tea on a global scale, with expectations for even higher sales in the subsequent financial year.
Assam’s tea industry continues to thrive, with the State aiming to achieve food self-sufficiency within the next two years, as stated by Assam Chief Minister Dr Himanta Sarma.
The GTAC plays a pivotal role in this ambition, serving as a testament to the region’s rich tea heritage and its capacity to attract international attention through its premium tea offerings.
It is pertinent to mention here that the most sought-after tea brands from Assam Tea Garden selling in GTAC are – Halmari, Hookmool, Sotai, Khona, Banamalie and Gelakey.
According to Guwahati Tea Auction Buyer’s Association or GTABA Secretary Dinesh Bihani, this year a special tea named Golden Needle tea was sold at Rs 61,000 per kg.
The most premium buds are carefully handpicked from the premium P-126 cultivar of the Camellia sinensis variety assamica plant, and then withered, oxidized and dried. The tea is basically manufactured in Jorhat and Dibrugarh area.
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