Gemfields’ latest Lusaka emerald auction generates $10.8m in revenue
Gemfields’ latest auction of predominantly commercial-quality rough emeralds, held
in Lusaka, Zambia from February 18 to 20, saw 24 companies placing bids and generated revenue of $10.8-million with an overall average value of $4.39/ct.
Moreover, 59% of the carats on offer were sold.
The emeralds were extracted by Kagem Mining in Zambia, which is 75%-owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
“While the overall revenue and price per carat realised at our most recent auction in Lusaka has remained stable, it is clear that our client base, who hail predominantly from Jaipur, in India, are still navigating challenging conditions in their home market,” commented Gemfields product and sales MD Adrian Banks.
He highlighted the importance of the Indian market with regard to commercial-quality emeralds.
“In addition, it is clear that a fierce shareholder dispute at the principal alternative source of supply of Zambian emeralds, GemCanton, is resulting in Zambian emeralds entering the market at artificially low prices.
“Given our long-term vision and our understanding of the true value of Zambian emeralds, we have elected to retain auction lots that we believe command higher prices than those presently offered by the market”.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation