GEMFIELS sets another record at Lusaka Emerald auction

At least $14.5 million has been realized at the seventh Kagem local auction of precious stones held in Lusaka last month, Gemfields, has announced.

Chief Executive Officer Mr. Ian Harebottle said the stones auctioned were of lower quality rough emerald and Beryl from Kagem mine in Ndola rural.

“”We’ve set another record for realized per carat prices at an auction of lower quality emerald and beryl, and have now completed seven successful auctions in Zambia, all during the last 22 months.

It is pleasing to see a total of 88% 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 jewellery-manufacturing houses.

We look forward to our auction of lower quality Montepuez ruby in Jaipur later this month where we believe the market is as excited as we are to be a part of this first ever offering of such a considerable volume of non-domestic ruby rough in India.” Said Harebottle.

A total of 21 companies bid in what was the third Gemfields auction of Kagem emeralds during the current financial year (ending 30 June 2015). The auction was the seventh to be held in Lusaka, a practice which commenced in April 2013.

The auction saw 10.1 million carats of lower quality emerald and beryl extracted from Kagem placed on offer, with 19 of the 26 lots offered being sold, generating auction revenues of USD 14.5 million.

Kariba Minerals also participated for the first time in the Lusaka auction. The firm place an amethyst bid. Gemfields has 50 percent interest in Kariba Minerals.

This auction of rough amethyst from Kariba Minerals Limited (in which Gemfields has a 50% interest) was the first to be held within Zambia. Gemfields has hosted only one prior rough amethyst auction which took place in Jaipur in March 2011 and was used to test demand for amethyst in that market.

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 USD 0.45 million. The amethyst auction realized an overall average value of 1.77 US cents per carat.


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