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Gemfields' Emerald Auction Nets $32M

Jul 22, 2013 8:06 AM   By Jeff Miller
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RAPAPORT... Gemfields plc achieved revenue of $31.5 million, or $54 per carat, for its latest auction of primarily high-quality emerald and beryl in Lusaka, Zambia from July 15 to 19. All of the rough production the company placed on offer sold and the auction yielded the company's highest per carat value to date, beating the previous high of $42.71 per carat.  There were 37 companies participating in the auction, which tendered 583,448 carats in total.

Ian Harebottle, the CEO of Gemfields, said, "Favorable market conditions and particularly strong demand from our customers have yielded excellent auction results and record per carat prices. All indications show that demand for colored gemstones, and especially emeralds, will continue to increase at a steady pace over the coming year. We are delighted that this auction underscores Lusaka as a key hub in the international emerald trade and we would like to thank the Zambian government for their support.''

The company’s 13 auctions held since July 2009 have generated $207.3 million in aggregate revenue.

Tags: auction, carat, emerald, Gemfields, Jeff Miller, value
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