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Pallinghurst’s latest auction rakes in $21.5-million

6th October 2017

By: Anine Kilian

Contributing Editor Online

     

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JOHANNESBURG (miningweekly.com) – An auction of higher-quality rough emeralds held by JSE-listed Pallinghurst subsidiary, Gemfields, has generated revenues of $21.5-million.

The auction saw 36 companies placing bids with a strong overall average value of $66.21/ct, the second-highest per carat price achieved by Gemfields’ Zambia-based Kagem mine to date.

“I am very pleased with the results of this auction. It was, by weight, the smallest auction of Kagem higher-quality emeralds to date, because of the reduced production experienced over the past 12 months,” noted Gemfields CEO Sean Gilbertson.

The coloured, translucent, 6 100 ct Insofu emerald, mined by Kagem in February 2010, was bought at the auction by high-value gem specialist Dia-Color.

The auction also saw the inaugural commercial deployment of the nano-particle “paternity testing” technology developed Swiss laboratory Gubelin.

The nano-particles, carrying a form of synthetic DNA, which tags the emeralds as having been mined at Kagem, allows for identification of the mine-of-origin for decades to come, providing unparalleled traceability.

All emeralds on offer at the auction were sold.

Edited by Samantha Herbst
Creamer Media Deputy Editor

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