Singapore: Miner Gemfields said results from its recent auction held in Singapore met expectations. The gems were extracted by Kagem Mining, which is 75% owned by Gemfields and 25% by the government of Zambia, according to a report by StockMarketWire.com.

The auction also included higher quality amethyst from Kariba Minerals Ltd in which Gemfields has a 50% interest, with the balance also belonging to the government of Zambia.

A total of 37 companies placed bids in the first Gemfields auction of the current financial year. The auction followed 7 successive emerald auctions held in Lusaka, and marked the return of Zambian emerald auctions to the broader international market.

The auction saw 600,000 carats of higher quality emeralds extracted from Kagem offered, with 18 of the 19 lots offered being sold, generating revenues of $34.7 million. The auction realized an overall average value of $58.42 per carat, the third-highest figure on record, according to the report. The company’s 19 auctions of emeralds and beryl mined at Kagem since July 2009 have generated $360 million in total revenues.

“Our Singapore auction has delivered another very strong result for our Kagem emeralds. With 98% of the emeralds sold, it is very pleasing indeed to see Zambian emeralds continuing to enjoy such firm demand, aided by our return to running an auction in Singapore,” Chief Executive Ian Harebottle said. “Despite severely depressed global commodity prices, well-documented difficulties in the diamond sector and recent volatility across international financial markets, emerald prices remain as robust as ever.”