X-NONE /* Style Definitions */
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
London-listed Gemfields held a successful auction in Lusaka, Zambia for predominantly lower-quality rough emerald and beryl, extracted from its Kagem mine.
Twenty-one companies attended the auction, with 20 companies placing at least one bid. The auction was held at the request of the Zambian Ministry of Mines, Energy and Water Development.
The auction generated record lower grade revenues of US$16.4 million. It witnessed 5.6 million carats of emerald and beryl placed on offer, with 19 of the 21 lots offered being sold.
Gemfields’ fourteen auctions held since July 2009 have generated US$224 million in aggregate revenues.
In addition, the company ran an auction of traded rough emeralds (emeralds obtained by Gemfields in the open market from various sources) in September 2013, yielding gross auction revenues of US$8.5 million.
The most recent Lusaka auction yielded an overall average value of USD 3.32 per carat, a 27% increase on the previous highest unit value achieved at any auction of predominantly lower-quality materials.
“Gemfields has now completed three successful auctions in Zambia, all during the last eight months. We have again set two records for auctions of predominantly lower-quality material – the highest total revenue and the highest average per carat price.
“We are delighted that this auction further demonstrates Lusaka to be a key hub on the international emerald auction circuit and, as always, we would like to thank the Zambian government, our partner in Kagem, for its ongoing support and hospitality,” says Ian Harebottle, CEO of Gemfields