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Gemfields Emerald Auction Fetches $33M

Apr 4, 2016 9:26 AM   By Rapaport News
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RAPAPORT... Gemfields raised $33.1 million after fetching record average prices at its emerald auction in Lusaka, Zambia, from March 30 to April 3.

"Our return to Lusaka has delivered another strong result at a time when global commodity and diamond prices remain volatile and uncertain,” Ian Harebottle, Gemfields’ chief executive officer, said in a statement April 4. “Demand for - and prices of - emeralds clearly remain as robust as ever and gemstone mining represents one of the healthier segments of the sector.”

Gemfields sold 469,000 carats of the 558,000 carats of emeralds on offer at an average price of $70.68 per carat, a record at the company’s auctions, it said in the statement. Of the 18 lots presented, 16 were sold.

The company has generated $412 million across 21 auctions of emeralds and beryl from its Kagem mine since July 2009.
Tags: emeralds, Gemfields, Kagem mine, Lusaka, Rapaport News, zambia
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