Gemfields hits record $31.6m from emerald auction

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More than 740,000 carats of Gemfield emeralds auctioned in Singapore.

Gemfields held an auction of mostly rough emeralds in Singapore last week, making more than $31m USD.

A total of 39 companies were invited to the auction, with 38 of these placing bids for the emerals on offer.

Gemfields placed more than 1.07 million carats of emeralds up for auction, with 740,000 carats sold, generating record auction sales of $31.6m.

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The auction highlighted a rise in prices being paid for fine gemstones, with an increase of 63% paid per carat compared with the higher quality auction held by Gemfields in December last year.

In December, bidders paid $26.2 per carat compared to $42.7 per carat during July’s auction.

Ian Harebottle, CEO of Gemfields, said: “Gemfields is delighted to announce record sales from its most recent auction. The results are testament to the Company’s ongoing focus on marketing to both consumers and retailers, and the quality and consistency of the emeralds produced at Kagem. Our team and industry partners are working harder than ever to deliver on our vision of ensuring that coloured gemstones are recognised and appreciated alongside diamonds and other luxury goods. Gemfields continues to deliver on the promises we’ve made to our clients, consumers and shareholders.”

This was the first auction of the current financial year and combined with the seven auctions held since July 2009, Gemfields has generated a total $87.5m in aggregate revenues. Back in 2009, Gemfields was auctioning emeralds at an average of $4.40.

Gemfields’ next auction of high-quality rough emeralds is scheduled for November 2011.

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