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Gemfields Garners $10.9M From Lusaka Rough Emerald Auction

Coloured gemstone producer Gemfields announced that it had realised revenue of $10.89 million from an auction of predominantly commercial quality rough emerald, held in Lusaka, Zambia from July 30 to August 2 last. The emeralds were extracted by Kagem Mining Ltd in Zambia, which is 75 percent owned by Gemfields and 25 percent by the Industrial Development Corporation of Zambia.

Of the 21 lots offered, 17 (81 percent) were sold at an average price of $4.21 per carat. Fully 90 percent of the carats offered were sold.

Twenty-two companies participated in the auction. The specific auction mix and the exact quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand.

Therefore, the results of each auction are not always directly comparable, Gemfields said, adding that the 29 auctions of Kagem gemstones held since July 2009 have cumulatively generated $527.5 million in total revenues, the company said.

Company CEO Sean Gilbertson commented, “Given the difficulties experienced by the Indian gemstone sector this year, the strong results from this auction underscore the enduring vigour of consumer demand for responsibly sourced Zambian emeralds and the accelerated recovery that this demand facilitates. While the Indian emerald trade is not out of the woods yet, we take significant comfort from these Lusaka auction results.”

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