(IDEX Online News) – Production of emeralds and beryl at the Kagem mine in Zambia soared 33 percent to 6.5 million carats in the quarter ending March 31 from 4.9 million carats in the year-earlier quarter, UK-based gemstone miner Gemfields reported.

 

A recent auction in Lusaka, Zambia, raised $15.2 million, a record for lower quality auctions, the firm said.

 

The next auction, of higher quality emerald and beryl, is scheduled for June 10-14 in Singapore.

 

The grade for the quarter increased to 265 carats per tonne from 236 carats per tonne last year, while unit production costs for the quarter fell by 34 percent to $0.56 per carat from $0.85 per carat in the same quarter in 2012.

 

Gemfields had cash of $22.1 million and outstanding debt of $11.0 million as of March 31.

 

The company also reported that bulk sampling activities continue at the Montepuez ruby deposit in Mozambique, with the first auction of rough rubies likely to take place in the first calendar quarter of next year.

 

Gemfields CEO Ian Harebottle said: “We continue to seek to address the possible ban on foreign auctions by the Ministry of Mines in Zambia and – in that light - we are delighted to be hosting the first-of-its-kind 2013 Zambian Emerald Summit in Lusaka at the end of this month to facilitate discussion among all of the key emerald sector stakeholders.”