Gemfields achieves GBP9m high for low quality lots

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Gems secure average price of GBP2.61 per carat, up 9% on 2013 figures.

Gemfields has released the financial results of its most recent rough emerald and beryl auction held in Lusaka, Zambia, citing total revenue of $15.5 million (£9.26m) – the second highest price ever achieved at any low quality gem auction.

Held from August 5 to 8 2014, the auction achieved an average realised price of $3.61 (£2.16) per carat, excluding the sale of 1.5 tonnes of low grade beryl. This figure represents a 9% increase on the $3.32 per carat achieved at a similar low quality auction in November 2013.

With beryl included, the auction garnered an average price per carat of $1.34 (£0.80).

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Of the 12.1 million carats offered, 11.6 million were sold, taking the total revenue of Gemfields’ 16 auctions since 2009 to $276 million (£165m).

A total of 21 companies attended the auction and bid in what was the first Gemfields auction during the current financial year, ending June 30 2015).

Mined from Gemfields owned Kagem, all of the emerald and beryl on offer differed in terms of size, colour and clarity. The company’s next auction is scheduled to take place before December 31 2014.

Gemfields chief executive officer Ian Harebottle commented: “Gemfields has now completed five successful auctions in Zambia, all during the last seventeen months. We were pleased to see a significant quantity of our low grade beryl sold at this auction, something we have not seen at auction since November 2011. Excluding the effect of this material, we set a new record unit price of USD 3.61 per carat for our lower quality auctions, underlining yet again how robust demand remains for our Zambian emeralds.

“The role played by Zambian emeralds in the international market has never been more important and we remain delighted that they are the emerald of choice for so many. We will seek to further expand their reach with our determined marketing initiatives and by seeking a wider client base internationally, including our new audience of rough ruby buying clients.”

 

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