Gemfields achieves record price per emerald carat at auction

JOHANNESBURG (miningweekly.com) – Aim-listed Gemfields has achieved a record price per higher-quality carat at its latest emerald auction, held in Lusaka, in Zambia, from March 30 to April 3.

Revenue of $33.1-million was generated through the sale of 469 000 ct of predominantly higher-quality rough emeralds extracted by 75%-owned Kagem Mining, in Zambia.

The auction, which placed 558 000 ct on offer, achieved a new record of $70.68/ct overall average value for the emeralds sourced from the Kagem mine.

“Our return to Lusaka has delivered another strong – and indeed record – result at a time when global commodity and diamond prices remain volatile and uncertain. 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 CEO Ian Harebottle said in a statement on Monday.

Thirty-three companies placed bids in Gemfields' third auction of Kagem production in the current financial year, with 16 of the 18 lots on offer sold.

Gemfields has hosted 21 Kagem auctions since July 2009, generating an aggregate $412-million in revenue.

The auction also included the offering of 9.4-million higher-quality amethyst carats from 50%-owned Kariba Minerals, of which 6.6-million carats had been sold, generating revenue of $220 000 at an average realised price of $0.03/ct, with 8 of the 14 lots on offer sold.

The amethyst auction was Gemfields’ fourth, with previous auctions taking place in Jaipur, in India, in March 2011, Lusaka in February 2015 and Singapore in September 2015.

Gemfields' next auction, scheduled for May, in Jaipur, would comprise mostly lower-quality emerald and beryl sourced from Kagem.

Source: Mining Weekly

2016-06-17T12:18:21+00:00 April 4th, 2016|Investee companies|0 Comments

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