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Gemfields Sells 7,525ct. Emerald at Record Auction

Dec 29, 2021 7:57 AM   By Rapaport News
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RAPAPORT... Gemfields saw record results at an auction of rough emeralds from its Kagem mine in Zambia, in which all 32 lots on offer sold, including the 7,252-carat Chipembele.

The miner sold the emerald, whose name means rhinoceros in the local dialect of Bemba, to Eshed – Gemstar for an undisclosed price, it said recently. The Israel-based manufacturer also purchased a 935-carat emerald crystal at the November 1 to December 6 sale. The entire auction brought in a total of $37.8 million.

“Our end-of-year emerald auction has been one of the most hotly contested auctions in Kagem’s history,” said Adrian Banks, Gemfields’ managing director of product and sales. “As a result, the auction set new records for both the highest revenue and the highest average price per carat achieved at any Kagem auction. The auction result again underscores the step-change in both market demand and in the prices bid by our clients, aided by tightened supply stemming from the one-year suspension of operations at Kagem...due to the Covid-19 pandemic.”

Meanwhile, Gemfields also saw record results at the most recent auction of rubies from its Montepuez mine in Mozambique, which ran from November 8 to December 9. The sale saw 97% of items on offer find buyers, with total revenue reaching $88.4 million, an all-time high for the company.

“This has been the strongest ruby auction in Gemfields’ history, and we’re very pleased with the trajectory and growth of the downstream ruby sector,” Banks added. “The strength of the results we’ve seen [at these sales] for both emeralds and rubies means that Gemfields has achieved a new record for annual gemstone auction revenues of $239 million.”

Image: The 7,252-carat Chipembele emerald. (Gemfields)
Tags: Adrian Banks, Chipembele, emerald, Eshed – Gemstar, Gemfields, Kagem mine, Montepuez mine, Mozambique, Rapaport News, zambia
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