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Gemfields' Emerald Auction Achieves Almost $37M
Feb 26, 2014 4:29 AM
By Deena Taylor
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RAPAPORT... Gemfields sold 840,000 carats of high-quality emeralds and beryl from its Kagem mine in Zambia for $36.5 million, or an average of $59.31 per carat. The auction set a company record for the highest aggregate revenue and the highest average per carat price achieved to date. The auction, which was held in Lusaka, was 88 percent sold by lot and 86 percent sold by value, with 34 companies participating.
Gemfields reported that market conditions for higher-quality stones remain robust, yielding solid increases in per-carat prices. To date, the company has garnered $92.9 million in auction revenue during fiscal year 2014, surpassing its previous record of $83.7 million that was achieved in fiscal 2013. Total sales from rough emerald and beryl reached $96.4 million. The company plans to hold two more auctions before the end of the financial year including an inaugural auction for rough rubies and corundum from the Montepuez ruby deposit in Mozambique.
"Our commitment to our vision for precious colored gemstones, our operational investments, the acquisition of Fabergé and our ever-expanding international marketing endeavors are clearly furthering the momentum we have built during the last five years," said Ian Harebottle, the CEO of Gemfields. "Zambia's role in the global emerald market has never been more important, with Zambian emeralds now favored by many as the emerald of choice."
Gemfields' 15 auctions held since July 2009 have generated $260 million in sales. Four auctions have been held in Lusaka in the past 11 months.
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Deena Taylor
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