Gemfields' Kagem Auction Raises $19 Million

(IDEX Online News) – Gemstone miner Gemfields plc’s latest Auction held in Jaipur, India from November 18-21, of lower-quality emeralds from the Kagen mine in Zambia achieved revenues of $19.2 million. The average price was $4.32 per carat, which is the highest figure on record for lower quality auctions. This should be the headline

Of the 5.07 million carats for sale, 4.45 million carats were sold (88%), with 18 of the 23 lots (78%) sold.

The auction also included higher quality emeralds originating from Zambia and Brazil, and obtained by Gemfields in the open market from various sources. This auction yielded additional gross revenue of $1.1 million with 20,400 carats sold.

"Our return to Jaipur has delivered a knock-out result at a time when global commodity and diamond prices are experiencing well-documented difficulties,” said CEO Ian Harebottle.

“Despite the volatility across international financial markets, demand for, and prices of emeralds, clearly remain as robust as ever. The counter-market cyclicality often associated with precious gemstones, and their reputation as a store of value in turbulent times, have once again shone through.”