RapNet


Rapaport News

 

Mining

 
Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Emerald Demand Buoyant at Gemfields Rough Sale

Miner achieves record average price of $85 per carat in Singapore.
Nov 24, 2019 9:43 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Gemfields raised $27.2 million at its November sale of emeralds, capping off the miner’s second-highest annual results in 10 years.

The miner sold 320,000 carats of rough emeralds at an average price of $85 per carat, the highest at any Gemfields emerald auction. Some 87% of lots found buyers.

The Singapore sale also set a company record for the highest number of bidders, at 48. Many of the miner’s clients were from India, while China’s Cai Bao Cheng and Israel’s Gemstar each won three lots.

The company has realized $79 million of auction revenues in 2019, the second-best calendar year performance since the auction system was introduced a decade ago, Gemfields managing director Adrian Banks said Friday. 

While the miner noted signs of recovery in the market, it also warned that high taxes on auction revenue would hinder its profits, calling the fees “crippling.”

Image: A rough emerald. (Gemfields)
Tags: Adrian Banks, Cai Bao Cheng, Gemfields, Gemfields emerald auction, Gemstar, Rapaport News
Similar Articles
Lucapa TenderLucapa Tender Yields over $6M
Jan 06, 2020
Lucapa Diamond Company earned $6.4 million from its last...
De Beers, Dominion Seek Canada Expansion
Initiative Aims to Nix Mercury in Gold Mining
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us