Pallinghurst Resources, which owns 100% of Gemfields has auctioned 17 lots of higher quality rough emeralds from the Kagem mine in Zambia – nine lots of which featured the new “Provenance Proof” nano-particle technology.
Developed by the renowned Swiss gem laboratory, Gübelin, the Provenance Proof nanoparticle technology was first announced by Gübelin and Gemfields at BaselWorld in April 2017.
“We are delighted that Zambian emeralds are the first gemstones in the world to deploy Gübelin’s “Provenance Proof” nanotechnology, a remarkable breakthrough in emerald traceability. Of the nine lots which featured the technology, five lots were sold – a clear indicator of the confidence already placed in this breakthrough,” says Pallinghurst and Gemfields CEO Sean Gilbertson.
Gemfields partnered with Gübelin to embed nanoparticles into the gems proving origin into all Kagem mine emeralds for sale to drive levels of transparency in the coloured gemstone sector.
The auction, held in Lusaka from 15 – 18 May 2018 saw 31 companies placing bids and generating total revenues of US$10.3 million with a robust overall average price of $59.55 per carat. Of the 17 auction lots offered, 10 were sold.
An auction lot comprising three gems weighing 37.5 carats in total was won by H.C. Tank, a sixth-generation gem firm from Jaipur in India. This sale set an all-time price-per-carat record for any Gemfields emerald auction setting an all-time price-per-carat record for Gemfields emerald auctions.
Gilbertson says that the Lusaka auction offered the smallest quantity of higher quality emeralds of any of Gemfields; auctions to date and saw only a little over half of the gems sold.
“With reduced funding available, our clients had to be much more selective about the auction lots they wished to. Given our confidence in the value and high quality of the gems we offered, we naturally held back auction that did not meet our reserve prices in order to aid market stability during the present period of turbulence,” he noted.
The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.
Gemfields’ 28 auctions of emeralds and beryl mined at Kagem since July 2009 have generated $517 million in total revenues.