Gemfields’ latest auction of predominantly commercial-quality rough emeralds, held
in Lusaka, Zambia from February 18 to 20, saw 24 companies placing bids and generated revenue of $10.8-million with an overall average value of $4.39/ct.
Moreover, 59% of the carats on offer were sold.
The emeralds were extracted by Kagem Mining in Zambia, which is 75%-owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
“While the overall revenue and price per carat realised at our most recent auction in Lusaka has remained stable, it is clear that our client base, who hail predominantly from Jaipur, in India, are still navigating challenging conditions in their home market,” commented Gemfields product and sales MD Adrian Banks.
He highlighted the importance of the Indian market with regard to commercial-quality emeralds.
“In addition, it is clear that a fierce shareholder dispute at the principal alternative source of supply of Zambian emeralds, GemCanton, is resulting in Zambian emeralds entering the market at artificially low prices.
“Given our long-term vision and our understanding of the true value of Zambian emeralds, we have elected to retain auction lots that we believe command higher prices than those presently offered by the market”.