Gemfields nets $31.5m in Lusaka auction
JOHANNESBURG (miningweekly.com) – The 583 448 ct of rough emerald and beryl that Gemfields put on auction in Lusaka last week have earned the Aim-listed junior $31.5-million in revenue.
The company reported on Monday that 37 companies had attended the auction, which was moved to Lusaka from Singapore at the request of the Zambian Ministry of Mines, Energy and Water Development.
The auction yielded an overall average value of $54.00/ct, which Gemfields said was the highest unit value ever achieved, representing a 26% increase over the previous highest value of $42.71/ct achieved in the July 2011 Singapore auction. Further, a 54 ct rough gem, offered as a single lot at the auction, set a new per-carat record for prices achieved at a Gemfields auction.
"Favourable market conditions and particularly strong demand from our customers have yielded excellent auction results and record per-carat prices. All indications show that demand for coloured gemstones, and especially emeralds, will continue to increase at a steady pace over the coming year.
“Our focus must now be directed at keeping the current momentum going and on developing Zambian emeralds as the favoured choice…The key is for Zambia to be seen as the most competitive, reliable and trusted source of ethically produced gemstones," Gemfields CEO Ian Harebottle said in a statement.
In 2009, Gemfields commenced a formal auction programme for its Zambian emeralds. To date, the company has held 13 auctions that have generated $207.3-million in revenue.
Gemfields recently acquired the Fabergé brand with a view to create a group globally recognised as a coloured gemstone champion. Fabergé provided Gemfields with direct control over a high-end luxury goods platform and a global brand with exceptional heritage.
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