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Gemfields’ latest emerald auction generates $25.5m in revenue

The rough emeralds sold were extracted by Kagem, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia

The rough emeralds sold were extracted by Kagem, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia

18th September 2023

By: Cameron Mackay

Creamer Media Senior Online Writer

     

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Gemstone producer Gemfields earned revenues of $25.5-million from its latest auction of commercial-quality rough emeralds recovered from the Kagem mine, in Zambia.

All 43 lots put on offer were sold, resulting in an average price of $7.51/ct.

“We are very pleased indeed to see yet another set of auction results that demonstrate that the emerald market remains in excellent shape and wish our auction partners much success during this important tradeshow season,” comments Gemfields product and sales MD Adrian Banks.

“Given the generally lower quality and quantity of emerald production at Kagem in recent months, we announced last week the withdrawal of our auction of higher-quality emeralds originally scheduled for November this year.

“Therefore, this auction of commercial-quality emeralds marked the third and final Kagem auction of 2023, bringing Kagem’s total auction revenues for this year to $90-million,” he adds.

Banks notes that this year has been Kagem’s third-best auction year ever, with 2021 having yielded $92.3-million in revenue and 2022 having been “an exuberant standout” with $ 149 million in revenue.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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