Gemfields sells Zambian emeralds for $26.2 million in Singapore

Gemfields (LON:GEM) has raised US$26.2 million in the rough emerald auction it held last week in Singapore, the third auction of the current financial year which ends on June 30. In all, the auctions generated US$68.9 million in sales.

Of the 32 companies attending the auction of predominantly medium to higher quality rough emeralds, 29 placed bids. The company sold 0.69 million carats of the 0.77 million placed on offer.

While the Singapore auction of July 2011, which comprised of generally superior quality material overall, yielded US$42.71 per carat, the overall quality characteristics of the emeralds placed on offer at last week’s auction were more similar to those offered in the December 2010 auction in Johannesburg.

Gemfields‘ next auction of predominantly lower quality rough emeralds is scheduled for June 2012 in Jaipur, India.

Chief executive Ian Harebottle said: “Gemfields is delighted to announce another set of very encouraging auction results, testament to the success of our marketing initiatives and the consistency of the emeralds produced at our Kagem mine.“

The company’s principal asset is the 75 per cent-owned Kagem emerald mine in Zambia, the world’s largest emerald mine.

In addition to the Kagem emerald mine, Gemfields has a 50 per cent interest in the Kariba amethyst mine in Zambia.

It also owns controlling stakes in a highly prospective ruby deposit in Mozambique and licences in Madagascar including ruby, emerald and sapphires deposits.

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