Lusaka, Zambia — 22 July 2013 – Auction revenues of US$31.5 million “’ the second highest achieved to date “’ were realised at the latest Gemfields plc auction, and an average per carat price of US$54 “’ a new auction record “’ was achieved.
A total of 40 companies were invited to the auction, held in Lusaka last week, and 37 attended, with 36 attendees placing at least one bid. This auction, the first of the current financial year which ends on 30 June 2014, was held in Lusaka at the request of the Zambian Ministry of Mines, Energy and Water Development.
The auction saw 583,448 carats of emerald extracted from the Kagem Mine in Zambia placed on offer, with all lots being sold and generating auction revenues of US$31.5 million. The company’s thirteen auctions held since July 2009 have generated US$207.3 million in aggregate revenues.
The Lusaka auction yielded an overall average value of US$54.00 per carat, the highest unit value achieved at any auction. This represents a 26% increase over the previous highest value of US$42.71 per carat achieved in the July 2011 Singapore auction. In addition, an exceptional 54 carat rough gem, offered as a single lot at the Lusaka auction, set a new per carat record for prices achieved at a Gemfields auction.
The specific auction mix and the exact quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of mined production and market demand. Each auction is thus made up of somewhat differing overall quality compositions.
Ian Harebottle, CEO of Gemfields, commented: “The key is for Zambia to be seen as the most competitive, reliable and trusted source of ethically produced gemstones. Transparency and accountability are crucial to underpinning the integrity of the industry, and to establishing Zambian emeralds as the preferred emerald brand among global consumers,” he added.
Source: Gemfields plc. For more information, click here.