Gemfields Posts Record Sales at Zambia Auction
November 18, 13
 The Kagem emerald mine in Zambia. |
The average price per carat of $3.32 per carat at the November 11-15 sale held in the capital, Lusaka, was a 27-percent increase on the previous record achieved at lower grade auctions.
The miner said that of the 5.6 million carats of stones it offered for sale, it sold 4.9 million carats.
"Market conditions remain robust, yielding sold increases in quality-for-quality per carat prices," Gemfields said, adding that 14 auctions held since July 2009 have generated $224 million in revenues.
"Financial year-to-date auction revenues (including one auction of traded material) stand at $56.4 million, surpassing the all-sources revenue of $ 48.4 million achieved in the full financial year to 30 June 2013."
The auction was attended by 21 companies, with 20 of them placing at least one bid.
This auction, the second of gems mined by Gemfields at the Kagem emerald mine in the current financial year, which ends June 30, 2014, was held in Lusaka at the request of the Zambian Ministry of Mines, Energy and Water Development.
The auction featured 5.6 million carats of emerald and beryl extracted from the Kagem mine in Zambia, with 19 of the 21 lots offered being sold,
Gemfields CEO Ian Harebottle said: "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."
He added that the auction "further demonstrates Lusaka to be a key hub on the international emerald auction circuit".