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Gemfields’ emerald auction rakes in US$18.6m

29 August 2019


 

Gemfields’ latest auction of predominantly commercial-quality rough emeralds in Lusaka, Zambia generated around US$18.6 million in revenues, with 74 percent of the 35 lots offered having been sold. 

The Lusaka Emerald Auction, held from August 19 to 22, 2019, featured emeralds extracted by Kagem Mining Ltd, which is 75 percent owned by Gemfields. The Industrial Development Corporation of Zambia owns the other 25 percent. 

According to Gemfields, proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.

A total of 34 companies placed bids while the overall average value achieved was US$4.75 per carat. The sale saw 37 percent of the offered carats being sold.

The 33 auctions of Kagem gemstones held from July 2009 have since generated US$608 million in total revenues, revealed Gemfields.

Gemfields’ Managing Director of Product & Sales Adrian Banks cited the continued recovery of the emerald sector as proven by auctions in Singapore and Zambia. India, which is an important market in the commercial-quality emerald segment, appears to be making a turnaround amid challenging conditions, he added. 

“This auction saw the highest number of participating companies at any of our commercial-quality auctions held in Lusaka, and we congratulate Caibaocheng on becoming the first Chinese customer to win at any Gemfields emerald auction,” noted Banks.