JSE- and Aim-listed Gemfields has generated $30.8-million in revenue from the sale of rough emeralds during an auction, comprising five sequential mini-auctions, held from October 30 to November 17.
The company offered 37 lots for sale, of which 34 were sold, at an average price of $76.78/ct.
The auction included the Kafubu Cluster, which comprised 44% of the total weight of the auction.
The 37 kg Kafubu Cluster, a special interest piece, set a new record as the most expensive single emerald item ever sold by Gemfields.
The auction contained a selection of grades that are typically offered at Kagem Mining’s auctions of higher-quality emeralds.
The auction lots were made available for in-person and private viewings by customers in Bangkok. Following the viewings, the auction took place through an online auction platform specifically adapted for Gemfields, which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
The rough emeralds sold were extracted by Kagem – which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Zambian government being paid on the full sales prices achieved at the auction.
Gemfields product and sales MD Adrian Banks says Gemfields’ end-of-year auction has delivered a pleasing and solid result despite clear softening of both prices and sentiment when compared with the remarkable highs the company enjoyed in May this year.
“This has been a record-shattering year for Kagem with an amazing $149-million in auction sales realised in 2022.”