Zambia Gemfields auction achieves record results

Zambian mining group, Gemfields reports that its July 2010 rough emerald auction realised sales of $7.5m, the highest auction revenue to date.Per carat prices improved 83% over the last auction of higher quality material held in November 2009.

The four auctions held since July 2009 have generated revenues totalling $26.2m.

The Group says that the quarter ending 30 June 2010 saw solid production volumes, good grades and the lowest quarterly unit production costs achieved to date.

CEO Ian Harebottle comments: “Gemfields has enjoyed a very good production quarter, a robust year and a highly successful July 2010 auction.

“The markets for diamonds and gemstones continue to show clear signs of recovery, with per carat prices received by Gemfields rising dramatically.

“Our marketing initiatives are moving forward apace, as demonstrated by our Emeralds for Elephants project in cooperation with the World Land Trust.

“Gemfields is delivering solidly on our vision of bringing a regular and reliable supply of emeralds and beryl, from a responsible source, to the market.”

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