Gemfields plc achieved a record US$5.15 per carat for lower quality rough emeralds at its latest auction held in Jaipur, India, last week.
The company sold 14 lots (out of 18 offered) comprising 2.78 million carats, representing 76% of gemstones offered. The auction raised revenue of US$14.3 million.
The gemstones were mined by the company’s 75%-owned subsidiary, Kagem Mining Ltd (of which 25% is held by the Government of the Republic of Zambia) in Zambia.
The company’s 22 auctions of emeralds and beryl mined at Kagem since July 2009 have generated revenues of US$426 million and the Kagem mine has achieved revenues of over US$100 million in the current financial year, which extends until 30 June 2016.
The next auction is expected to take place in June, in Singapore, and will be composed predominantly of mixed quality rough ruby from the Montepuez ruby deposit, in Mozambique.
Gemfields realises record prices for rough emeralds: GEM