Gemfields, the supplier of coloured gemstones, on Tuesday announced that its emerald auction fetched revenues of $32.9 million (R569m), the second-highest figure ever achieved at a Kagem commercial quality auction.
The auction of predominantly commercial quality rough emeralds was held from August 31 to September 19.
The emeralds were extracted by Kagem Mining in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
The Gemfields Group, based in London and listed on the Johannesburg and London stock exchanges, is focused on mining emeralds at the Kagem mine in Zambia and the Montepuez ruby mine in Mozambique.
The shares have increased by 28.89% in the past year.
According to the group, of the 34 lots offered, 33 were sold, which amounted to 97%.
The average sales price of $9.01 per carat, the second-highest figure ever achieved at a Kagem commercial quality auction, Gemfields said.
“The 42 auctions of Kagem gemstones hosted by Gemfields since July 2009 have generated $868 million in total revenues,” the group said.
Gemfields managing director of product and sales, Adrian Banks said: “The results announced today confirm once again that 2022 is the strongest year on record for Zambian emeralds mined at the Kagem emerald mine. Kagem’s year-to-date auction revenues now stand at $118 million, a notable figure when compared with the full-year record set in 2021 of $92 million.”
BUSINESS REPORT