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RAPAPORT... Gemfields' auction of rough emeralds in Jaipur, India achieved $8.5 million and realized an average price per carat of $58. The mining company described the sale as comprised of predominately high-quality emeralds from various sources, with 17 of the 29 lots offered sold and the market for these gems remaining upbeat.
Forty-two companies attended the auction, with 38 placing at least one bid. Gemfields’ next auction of rough emeralds is scheduled to take place in Lusaka, Zambia in November. The company will offer predominantly lower-quality emerald and beryl from the company's Kagem mine.
Ian Harebottle, the CEO of Gemfields, said, "Gemfields has believed in and been committed to the benefits of consolidation and formalization within the colored gemstone industry for some time now and we believe that the results achieved at this auction fully support our vision and the advantages derived from being able to deliver gems from various sources to our valued customers in a transparent and well proven framework. Favorable market conditions and particularly strong demand from our customers have again yielded excellent results and record per carat prices. Having offered traded emeralds and beryl alongside Kagem’s regular production at our auctions as far back as July 2011, we have now completed our first standalone auction of traded material. The material has been obtained over a period of time from multiple sources, and I’m pleased to say that we have generated a solid profit. This outcome therefore demonstrates the value and capability of the international auction platform we have developed during the last five years and we look forward to expanding our trading activities accordingly.”
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