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Gemfields Emerald Auction Reaps $35M

Nov 18, 2014 3:46 AM   By Ronen Shnidman
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RAPAPORT... Gemfields plc reported that it realized revenue of $34.9 million from a rough emerald auction that was held in Lusaka, Zambia from November 13 to 17.

Of the 598,000 carats of emeralds offered, 530,000 carats were sold to buyers at an average price of nearly $66 per carat. The auction was 94 percent sold by lot and 89 percent sold by weight, as buyers purchased 16 of the 17 lots offered.

The auction, which was comprised of predominantly  high-quality rough emeralds, was the sixth held by Gemfields in Lusaka since April 2013. The emeralds sold at the auction were recovered at the mining company's Kagem mine in Zambia.

"Gemfields is delighted to see the continued enthusiasm for colored gemstones so clearly reflected in our latest auction results," said Ian Harebottle, the CEO of Gemfields. "Zambian emeralds are now very well established and highly sought after in the international market, playing an increasingly prominent role for many of the world’s leading jewelry houses."

Gemfields' next gemstone auction will take place in Singapore in December. The miner will offer rough rubies  from its Montepuez mine in Mozambique.
Tags: emerald, Gemfields, gemstones, Lusaka, Ronen Shnidman, ruby, Singapore, zambia
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