Gemfields Jaipur Emerald Auction Realizes $14.3 Million
May 23, 16
(IDEX Online News) – Gemfields plc announced that a Jaipur auction of its predominantly lower quality rough emerald extracted by Kagem Mining Ltd in Zambia has achieved revenues of $14.3 million.
The auction realized a new record of $5.15 per carat for lower quality auctions. Of the 18 lots of emeralds up for auction, 14 were sold. In terms of volume, 3.67 million carats of lower quality emeralds were available for sale, of which 2.78 million were sold – or 76 percent.
Since July 2009, 22 Kagem auctions have taken place generating a total of $426 million in revenues.
"Jaipur has delivered another solid auction result, including a new record price per carat for our lower quality emerald auctions,” said Gemfields CEO Ian Harebottle.
“Kagem is a partnership between the Zambian Government and Gemfields, and we would like to thank the Government for their vision and support in building and internationalising the Zambian emerald industry. Kagem would not have reached the $100 million milestone without their belief in promoting a transparent and globally-competitive gemstone sector."
Gemfields next auction is expected to take place in June in Singapore, and will be comprised of predominantly mixed quality rough ruby from the Montepuez ruby deposit in Mozambique.