Gemfields earns $35m from May auction of higher-quality emeralds
Miner and coloured gemstones marketer Gemfields Group earned total revenue of $35-million from an auction of higher-quality rough emeralds held from May 13 to 30.
The rough emeralds sold were extracted by Kagem, which is 75%-owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
Forty-six lots were offered for sale, of which 43 were sold.
An average price of $167.51/ct was achieved.
“We are very pleased to report robust auction results despite slightly softer market conditions. Today’s result demonstrates that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels.
“The overall price per carat for the lots sold echoes the record figure achieved in Kagem’s preceding high-quality auction of May 2023. It should however be noted that today’s figure has been skewed by the fact that two of the unsold lots were among the lower qualities offered at the auction,” says Gemfields product and sales MD Adrian Banks.
“We now look forward to our forthcoming mixed-quality ruby auction in June and the next commercial-quality emerald auction in September,” he adds.
The 48 auctions of Kagem gemstones held since July 2009 have generated $1.04-billion in total revenues.
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