JSE-listed Gemfields has generated $28.4-million in revenue from last week’s rough emeralds auction, which 40 companies attended in Singapore.
The company said on Monday that the proceeds of the auction would be fully repatriated to its 75%-owned subsidiary Kagem Mining and would be used to settle all royalties due to the Zambian government.
About 74% of the carats on auction were sold, compared with 56% of carats on offer sold at the last auction, which was held in Lusaka, Zambia, in May.
The emeralds sold at an average price of $68/t.
Gemfields products and sales MD Adrian Banks said that the results, of the first Singapore-held emerald auction in more than three years, reflected the emerging recovery among trade customers after a protracted period of difficulty.
“The marked increases in the percentage of carats and number of lots sold, combined with the uptick in the per carat price, bode well for further improvement in 2019.”
At the auction, an extraordinary 5 655 ct “Lion emerald” called Inkalamu was sold to representatives of jewellery company Dia-Color. Gemfields will donate 10% of Inkalamu’s proceeds to its conservation partners the Zambian Carnivore Programme and the Niassa Carnivore Project.