Gemstone miner Gemfields has generated about $23.1-million in auction revenues – an all-time record for commercial-quality emerald auctions – at its auction held from July 28 to August 11.
The emeralds sold at this auction were extracted by Gemfields’ 75%-owned subsidiary Kagem Mining, in Zambia.
The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the government of the Republic of Zambia to be paid on the full sales prices achieved at the auction, Gemfields said on August 12.
Of the 32 lots offered, 31 (or 97%) were sold at an average price of $6.61/ct.
Gemfields' 38 auctions of emeralds and beryl mined at Kagem since July 2009 have now generated $712-million in total revenues.
Gemfields MD of product and sales Adrian Banks said the most recent auction “generated the most fervent bidding activity we've seen in the last decade”.
Multiple new records were set for this auction category including the highest-ever auction revenue, the highest-ever average price per carat achieved and the highest number of companies participating in the bidding (49 companies placed bids).
“We've witnessed a step-change in both market demand and in the prices bid by our clients, paving the way for an exhilarating cycle in the coloured gemstone sector,” he commented.