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Emerald Auction Nets Gemfields $26M

Mar 28, 2012 11:35 AM   By Jeff Miller
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RAPAPORT... Gemfields conducted an auction of predominantly medium to high-quality rough emeralds in Singapore this past week and  revenues came to $26.2 million, representing a price per carat of $38.25. The auction was 87 percent sold by lot and 94 percent sold by value.

The auction was the third of Gemfields' current financial year, which closes on June 30, 2012. The three auctions, one of which was for lower-quality stones, have generated aggregate sales of $68.9 million. The company has held nine auctions since July 2009 and has generated revenues of $124.7 million.

Ian Harebottle, the chief executive of Gemfields, said, ''Today’s results demonstrate that Gemfields is consistently delivering on its integrated approach of combining industry-leading performance in three core areas: Mining, the consistent supply of good quality, well graded ethical gemstones, and pioneering colored gemstone marketing and promotion. We have achieved record auction revenues for the financial year and will look to use this positive momentum to deliver continued growth in each of these core areas into the foreseeable future.”

Gemfields’ next auction of predominantly lower-quality rough emeralds is scheduled for June in Jaipur.


Tags: auction, emerald, Gemfields, Jeff Miller, Singapore, zambia
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