Gemfields reports improved results from commercial quality Emereld auction
Aim-listed Gemfields has recorded revenue of $16.4-million from an auction of commercial-quality rough emeralds recovered from its 75%-owned Kagem mine, in Zambia.
For the auction, held in Jaipur, India, from April 11 to 29, 36 lots were offered for sale, of which 32 were sold, achieving an average price of $6.87/ct.
Gemfields notes that 51 auctions of Kagem gemstones held since July 2009 have generated $1.09-billion in total revenues.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics, such as size, colour and clarity on account of variations in mined production and market demand.
Therefore, Gemfields explains that the results of each auction are not always directly comparable.
“Today’s result marks a notable improvement on the disappointing commercial-quality auction held in September 2024. An increased number of bids and stronger prices across a broad quality-range point to improved sentiment and demand since our experience in the third quarter of 2024,” says Gemfields product and sales MD Adrian Banks.
He explains that the overall dollar per carat realisation has been positively skewed by the withdrawal of a schedule comprising very low-quality material, weighing 112 000 g and representing 18.5% of the total weight offering.
“We extend our appreciation to the Kagem team and to the government of Zambia, Kagem’s 25% shareholder,” says Banks.
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