Emeralds from Zambia fetch US$11 million at London auction

London-based and AIM-listed Gemfields ‒ one of the world’s foremost coloured gemstone producers ‒ achieved total sales of US$11 million from the latest auction of rough emerald and beryl from its Kagem emerald mine in Zambia.

The firm offered 2.1t for sale here of which 1.9t were sold. Thirty-eight companies were invited to participate in the auction and 27 of these placed bids on the goods.

CEO Ian Harebottle says on the company website that Gemfields raised US$9.9 million for 2.5t in a similar emerald auction held in March this year in Jaipur, popularly known as the Pink City of India.

The average quality-for-quality per carat prices increased by 46% to US$1.12 in the latest auction from US77c in March, indicating substantial growth in both prices and demand for emeralds.

Harebottle says the auction results underscore the robust global demand for Gemfields’ Zambian emeralds. He reveals that the company has so far generated sales of US$42.6 million from two auctions during the current financial year ending 30 June 30 2012, exceeding last year’s annual revenue by US$2.4 million.

Gemfields will hold its next rough emerald auction, consisting of predominantly higher-quality rough, in March next year.

Mining Weekly

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