Gemfields’ Auction Totals $14.5 Million

lower quality rough emerald and berylLondon: Gemfields’ latest auction of emerald and beryl has raised $14.5 million. The gemstone miner announced that the average price realized in the auction of stones from Kagem was $3.72 per carat, which it says was a new record for lower quality auctions.

Of the 10.1 million carats that were offered for sale in Lusaka, 3.9 million carats were sold (39%). Nineteen of the 26 lots offered were sold with 21 bidding on the goods.

The 18 auctions of emeralds and beryl mined at Kagem since July 2009 have generated $325 million in total revenues. The company also held an auction of rough amethyst from Kariba Minerals Limited (in which Gemfields has a 50% interest), which was the first to be held within Zambia.

The amethyst auction saw 27.7 million carats of higher quality amethyst extracted from Kariba placed on offer, with 13 of the 14 lots offered being sold, generating auction revenues of $0.45 million. The amethyst auction realized an overall average value of $1.77 per carat.

“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,” said CEO Ian Harebottle. The company is holding an auction of lower quality Montepuez ruby in Jaipur later this month.