JOHANNESBURG (miningweekly.com) – Aim-listed Gemfields’ latest auction of rough emerald mined at its Kagem mine in Zambia has earned the company $34.9-million from the sale of 598 000 ct.
The auction, which was held in Lusaka from November 13 to 17, was the second for the current financial year, and 16 of the 17 lots on offer had been sold. Thirty-four companies had bid on the emeralds.
The auction realised an overall average value of $65.89/ct, a new record for auctions of predominantely higher-quality material mined at Kagem.
“Gemfields is delighted to see the continued enthusiasm for coloured gemstones so clearly reflected in our latest auction results. We’ve set another record for per carat prices as is evidenced by the 11% increase achieved versus our last higher-quality auction, and have now completed six successful auctions in Zambia, all during the last 20 months.
“Zambian emeralds are now very well established and highly sought after in the international market, playing an increasingly prominent role for many of the world's leading jewellery houses,” commented Gemfields CEO Ian Harebottle.
Seventeen auctions of emeralds and beryl mined at Kagem had been held since July 2009, generating a combined $311-million in revenue.
Gemfields’ next auction, which was planned for December, in Singapore, would see the sale of rough rubies from the company’s Montepuez deposit in Mozambique.