Gemfields recorded a record $42.3-million in revenue from the sale of emeralds sourced from its Zambia-based Kagem mine, at auctions of predominantly commercial-quality rough emeralds held in Jaipur, India, from March 15 to April 1.
Of the 32 lots offered – 4.52-million carats in total – all were 100% sold out. Fifty-six companies placed bids and an average price of $9.37/ct was achieved – another record for Kagem’s commercial-quality auctions.
Forty such auctions of Kagem-sourced gemstones (emeralds and beryl) hosted by Gemfields since July 2009 have generated $792-million in revenue.
Gemfields notes that the proceeds of this latest auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Zambian government to be paid on the full sales prices achieved at the auction.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Gemfields notes that, as a result, the results of each auction are not always directly comparable.
Gemfields product and sales MD Adrian Banks says this specific auction represents one of the “most momentous” outcomes he has experienced in his 23-year career. “We have witnessed another breakthrough for Kagem emeralds, with an auction of predominantly commercial-quality emeralds setting a new all-time revenue record for Kagem and surpassing even our higher-quality auctions.”
When Gemfields released its August 2021 auction results of Kagem-derived gemstones, the miner highlighted a step-change in market demand and in the prices bid by its customers. This, he says, paved the way for an “exhilarating” cycle in the coloured gemstone sector.
“Today’s result underscores just how big that step-change is and we’re delighted to see the coloured gemstone industry firing on all cylinders,” says Banks.