Gemfields hosts successful Zambian emerald auction

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Rough emerald auction achieves record sales of £4.8m in London.

Gemfields achieved record sales of $7.8 million (£4.8 million) at a rough emerald auction, which it held in London last week.

The auction was attended by 37 companies drawn from India, Israel, Germany and the United States. It saw 0.85 million carats offered, of which 0.80 million carats was sold.

Per carat prices saw an improvement of 83 percent over the last auction of higher quality material held in November.

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Gemfields has now completed four auctions in the past 13 months, realising revenues totalling $ 26.2 million.

Gemfields 75 percent owned Kagem mine in Zambia is presently Gemfields’ only operating emerald mine. It decreased production last year by 38 percent, with operating costs falling 42 percent, therefore reducing its cost of production from $0.77 (£0.49) per carat of beryl and diamond to $0.72 (£0.46).

The company claims the quarter ending 30 June 2010 saw ‘solid production volumes, good grades and the lowest quarterly unit production costs achieved to date.’

Gemfields chief executive Ian Harebottle said: “Gemfields has enjoyed a very good production quarter, a robust year and a highly successful July 2010 auction. The markets for diamonds and gemstones continue to show clear signs of recovery, with per carat prices received by Gemfields rising dramatically.

“Our marketing initiatives are moving forward apace, as demonstrated by our Emeralds for Elephants project in cooperation with the World Land Trust. Gemfields is delivering solidly on our vision of bringing a regular and reliable supply of emeralds and beryl, from a responsible source, to the market.”

 

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