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Gemfields Auctions Off 5,655ct. Emerald

Nov 20, 2018 9:27 AM   By Rapaport News
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 Gemfields has sold a 5,655-carat emerald to Indian gemstone specialist Dia-Color for an undisclosed amount, the miner said Tuesday.

Gemfields extracted the Inkalamu, or Lion Emerald, at its Kagem mine in Zambia last month. It was one of 26 lots it offered at its auction in Singapore last week, which fetched a combined $28.4 million from the sale of 420,000 carats of rough Kagem emeralds.

The entire auction achieved an average price of $68 per carat. Some 40 companies placed bids, with 77% of lots finding buyers versus 59% at the miner’s previous sale in May.

“The results of what was our first Singapore emerald auction in more than three years clearly reflect the emerging recovery among our trade customers after a protracted period of difficulty,” said Adrian Banks, Gemfields’ managing director of products and sales. “The marked increases in the percentage of carats and number of lots sold, combined with the uptick in per-carat price, bode well for further improvement in 2019.”

Image: The 5,655-carat Lion Emerald. (Gemfields)
Tags: Adrian Banks, Dia-Color, Gemfields, Inkalamu, Kagem mine, Lion Emerald, Rapaport News
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