Gemfields achieves another successful emerald auction

JOHANNESBURG (miningweekly.com) – The latest auction of emeralds recovered at Aim-listed Gemfields’ 75%-owned Kagem mine, in Zambia, has generated revenues of $14.3-million, pushing the mine’s overall revenues for the financial year to date above $100-million.

Of the 3.67-million carats of lower-quality emeralds put on offer, 76% or 2.78-million carats were sold at the auction held in Jaipur, India, from May 17 to 20.

The auction realised an average value of $5.15/ct, a new record for lower-quality emerald auctions.

“The results from this auction mean that the Kagem mine has exceeded $100-million of declared revenues for the current financial year, and while we are confident that these numbers will be well surpassed in the years to come, we remain grateful for the part that each of our loyal staff members have played in ensuring that Kagem is the first mine to reach anywhere near this milestone in the history of the Zambian gemstone sector,” CEO Ian Harebottle commented in a statement issued on Monday.

Gemfields' next auction would be held in Singapore, in June, and would comprise mainly mixed-quality rough ruby recovered from its 75%-owned Montepuez ruby deposit, in Mozambique.