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Gemfields Emerald and Beryl Auction Achieves $15M

Mar 2, 2015 5:08 AM   By Deena Taylor
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RAPAPORT... Gemfields plc. sold 10.1 million carats of lower-quality emeralds and beryl from its Kagem mine in Zambia for $14.5 million, or an average of $3.72 per carat, The auction set a new record average value per carat for lower-quality emerald auction, the company reported. The auction took place in in Lusaka and was 73 percent sold by lot and 88 percent sold by value, with 21 companies in attendance.

Ian Harebottle, the CEO of Gemfields, explained that the company has held seven auctions in Lusaka over the past 22 months. "It is pleasing to see a total of 88 percent of the total value of the lots placed on offer being bought and Zambian emeralds continuing to enjoy such firm demand. Gemfields is increasingly becoming the supplier of choice for many of the world's leading polishing and jewelry manufacturing houses,” Harebottle said.

Gemfields' 18 auctions held since July 2009 have generated $325 million in sales.

The company also held an auction of 27.7 million carats of higher-quality amethyst from Kariba Minerals Ltd., in which Gemfields holds a 50 percent interest. The  auction realized $450,000 or an average $1.77 per carat from the sale of 25.2 million carats of amethyst.

Gemfields will hold an auction of lower-quality Montepuez ruby in Jaipur later this month.
Tags: amethyst, beryl, Deena Taylor, emerald, Gemfields, Ian Harebottle, Lusaka
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