Gemfields achieves record revenue at gem auction
JOHANNESBURG (miningweekly.com) – London-listed Gemfields marked a “record revenue” year after its third auction of the year achieved revenue of $36.5-million after selling 15 of the 17 lots of gemstones on offer.
The company reported in a statement on Wednesday that year-to-date revenue from rough emerald and beryl sales, including the direct sale of the two lowest grades of beryl, had reached $96.4-million.
“Gemfields has exceeded its [current] yearly revenue record of $83.7-million, [as] set [during] the year to June 30, 2012,” Gemfields CEO Ian Harebottle said.
Just under $93-million of the total revenue was generated from the auctions - including one auction of traded material - of gemstones mined by Gemfields at its Kagem emerald mine, in Zambia.
The latest auction, held in Lusaka, Zambia, from February 21 to 25, saw the sale of 0.62-million of the 0.84-million carats offered, at an average price of $59.31/ct – a 10% increase on the previous Kagem-mined gemstones auction record.
"Gemfields has now completed four successful auctions in Zambia, all during the last 11 months. We have achieved two new records – the highest aggregate revenue and the highest average per carat price,” Harebottle said.
Two further auctions, including the inaugural auction for rough rubies and corundum from Gemfield’s Montepuez ruby deposit, in Mozambique, were presently scheduled to take place before the end of the financial year in June.
Fifteen auctions of gemstones mined from Kagem have been held since July 2009, generating aggregate revenue of $260-million.
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