A series of five emerald mini-auctions in November and December has generated a record $37.9-million in revenue for gemstone miner Gemfields.
All carats on offer were sold and the emeralds, produced at the company's 75%-owned Kagem mine, in Zambia, were sold for an average of $150.65/ct.
Among the emeralds on auction was the 7 525 ct Chipembele emerald recovered at the Kagem mine. It is the largest emerald ever to be recovered at the mine.
Longstanding Kagem customer Eshed-Gemstar bought the Chipembele emerald.
"Our end-of-year emerald auction has been one of the most hotly contested auctions in Kagem's history. As a result, the auction set new records for both the highest revenue and the highest average price per carat achieved at any Kagem auction.
"We congratulate Eshed-Gemstar on winning Chipembele, 'the rhino emerald', a magnificent 7 525 ct emerald crystal mined at Kagem on July 13.
"The auction result again underscores the step-change in both market demand and in the prices bid by our clients, aided by tightened supply stemming from the one-year suspension of operations at Kagem, the world's largest emerald mine, due to the Covid-19 pandemic. We look forward immensely to monitoring developments in 2022," says Gemfields product and sales MD Adrian Banks.
Gemfields' full-year auction revenues for Kagem emeralds amounts to $92.3-million.