Gemstone miner Gemfields' latest auction of commercial-quality emeralds recovered from the Kagem mine, in Zambia, generated revenue of $32.9-million – the second-highest figure ever at a Kagem commercial quality auction.
“The results announced today confirm once again that 2022 is the strongest year on record for Zambian emeralds mined at the Kagem emerald mine. Kagem’s year-to-date auction revenues now stand at $118-million, a notable figure when compared with the full-year record set in 2021 of $92-million," says Gemfields product and sales MD Adrian Banks.
Of the 34 lots on offer at the latest auction, 33 were sold.
An average sales price of $9.01/ct was achieved.
Gemfields owns 75% of Kagem, with the government of Zambia owning the balance.
The auction revenue will be repatriated to Kagem, with all royalties due to the government being paid on the full sales prices achieved at the auction.