JSE-listed Gemfields earned revenue of $27-million from an emerald auction held in Singapore from November 18 to 21.
The company sold 33 out of 38 lots of high-quality rough emeralds at an average price of $85.26/ct, which the company on Friday said was an all-time record.
The emeralds were extracted by Kagem Mining, in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
Gemfields confirmed that proceeds would be fully repatriated to Kagem, with all royalties due to the Zambian government being paid on the full sales prices achieved at the auction.
Kagem has held 34 auctions since July 2009, generating total revenue of $635-million to date.
This year’s realised revenues amount to $79-million.