Gemfields’ Lusaka Auction Raises $15.5 Mn
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.”