Gemfields enjoys sparkling Jaipur emerald auction

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A record $11m of rough emeralds sold, totalling 9.8 million carats.

Gemfields’ recent four-day auction in Jaipur of predominantly lower quality emerald and beryl rough has achieved record revenue for the company, totalling $11 million (£7 million).

9.8 million carats of lower quality rough beryl mined by Gemfields at the Kagem mine was sold and, five months into the company’s current financial year, Gemfields has already exceeded its previous financial year’s total annual revenues of USD 40.2 million (£25 million) through two auctions alone.

Compared with Gemfields’ last lower quality auction held in March this year, average quality-for-quality per carat prices increased 46% to USD 1.12 per carat (71p per carat).

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A total of 38 companies were invited to attend the auction, with 27 placing bids for the material on offer.

These two auctions that Gemfields has held since July have generated combined sales of USD 42.6 million (£27 million), already exceeding last year’s total annual revenues. The eight auctions held by Gemfields since July 2009 have generated USD 98.5 million (£62.6 million) in aggregate revenues.

The company used its Jaipur auction as a platform to further trial the sale of rough emerald and beryl acquired or made available to the market from other sources of supply, that is, it was not certified as having been mined by Gemfields, and therefore referred to as ‘traded Material’. None of this material is included in results figures posted by Gemfields.

The official traded material offered at the Jaipur auction comprised of other rough emerald and beryl from both Brazil and Zambia, and bids in respect of these goods were accepted until 28 November 2011.

Gemfields’ next auction of predominantly higher quality rough emeralds is scheduled for March 2012.

Gemfields’ chief executive Ian Harebottle said: "Gemfields is yet again delighted to announce robust sales from our most recent auction of rough emeralds from our Kagem emerald mine in Zambia. We are particularly pleased with the fact that today’s results have once again beaten the previous record set in March’s lower quality rough auction.

“The revenues of USD 42.6 million generated from our last two auctions have now exceeded the revenues from our entire prior financial year, demonstrating the continued rising demand for Gemfields’ rough emeralds and beryl.”

Harebottle said that the company’s strength is in its integrated approach to trading, covering mining, consistent supply of quality stones and ‘pioneering’ marketing techniques to consumers and retailers. “With each auction it becomes increasingly clear that our team and our industry partners are making significant progress in delivering on our vision of ensuring that coloured gemstones take their place alongside diamonds and other luxury goods.”

 

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