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Gemfields Auction Achieves $16M

Nov 18, 2013 5:51 AM   By Deena Taylor
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RAPAPORT... Gemfields plc. sold 4.9 million carats of lower-quality emeralds and beryl from its Kagem mine in Zambia  for $16.4 million, or an average of $3.32 per carat. The auction was held in Lusaka and was 90 percent sold by lot and 91 percent sold by value. Twenty-one companies attended the auction, with 20 placing at least one bid for the 5.6 million carats that were offered.

Gemfileds reported that market conditions remain robust, yielding solid increases in prices. To date, the company has achieved $56.4 million in auction revenue for fiscal 2014, surpassing $48.4 million achieved in fiscal 2013. Additionally, the company's recent September auction of rough emeralds obtained on the open market achieved $8.5 million.

Ian Harebottle, the CEO of Gemfields, explained that the company has held three auctions in Lusaka over the past eight months.

"Our emerald efforts remain focused on supporting the sustained increase in demand for Zambian emeralds as the globally favored emeralds of choice, underpinned by our operational investments and international marketing efforts. The key is for Zambia to increasingly be recognized as a competitive, reliable and trusted source of ethically produced gemstones,” Harebottle said.

Gemfields' 14 auctions held since July 2009 have generated $224 million in sales. 
Tags: beryl, Deena Taylor, emeralds, Gemfields, Ian Harebottle, Lusaka, zambia
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