Gemfields’ Lusaka Auc­tion Raises $15.5 Mn

Solitaire - - SPECTRUM -

Gemfields’ lower qual­ity rough emer­ald and beryl auc­tion held in Lusaka, Zam­bia from Au­gust 5-8, 2014 re­ported rev­enue of

Gemfields emer­ald rough. $15.5 mil­lion. The auc­tion saw 12.1 mil­lion carats of emer­ald and beryl ex­tracted from Kagem placed on of­fer, with 17 of the 21 lots be­ing sold. In terms of carats, 11.6 mil­lion carats of the 12.1 mil­lion carats of­fered were sold.

A to­tal of 21 com­pa­nies at­tended and bid in what was the first Gemfields auc­tion dur­ing the cur­rent fi­nan­cial year that ends on June 30, 2015. The auc­tion re­alised an over­all av­er­age value of $1.34 per carat in­clud­ing the sale of 1.5 tonnes of low grade beryl, or an av­er­age unit price of $3.61 per carat if one ex­cluded the sale of the low grade beryl, a 9% in­crease on the $3.32 per carat achieved at the most re­cent lower qual­ity auc­tion in Novem­ber 2013.

Ian Hare­bot­tle, CEO of Gemfields, com­mented, “Gemfields has now com­pleted five suc­cess­ful auc­tions in Zam­bia, all dur­ing the last 17 months. We were pleased to see a sig­nif­i­cant quan­tity of our low grade beryl sold at this auc­tion, some­thing we have not seen at auc­tion since Novem­ber 2011. Ex­clud­ing the ef­fect of this ma­te­rial, we set a new record unit price of $3.61 per carat for our lower qual­ity auc­tions, un­der­lin­ing yet again how ro­bust de­mand re­mains for our Zam­bian emer­alds.

“The role played by Zam­bian emer­alds in the in­ter­na­tional mar­ket has never been more im­por­tant and we re­main de­lighted that they are the emer­ald of choice for so many. We will seek to fur­ther ex­pand their reach with our de­ter­mined mar­ket­ing ini­tia­tives and by seek­ing a wider client base in­ter­na­tion­ally, in­clud­ing our new au­di­ence of rough ruby buy­ing clients.”

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.