Gemfields low-grade emerald auction secures £4.8m

After success in Jaipur ethical emerald company plans London auction.

Gemfields achieved sales of US$7.2 million (£4.8 million) in its first low-grade rough emerald and beryl auction in 2010, held in Jaipur.

The auction, which was Gemfield’s largest to date, represented a world record for the amount of Zambian emerald and beryl on offer by weight at 5.78 tonnes.

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The Jaipur 2010 auction, orchestrated by Gemfields product director Adrian Banks, saw 28.9 million carats of principally lower quality rough emeralds and beryl being offered in 56 separate lots. The invite only auction attracted 25 companies from India.


Gemfields chief executive Ian Harebottle said: “Gemfields is pleased to have delivered a successful auction at the start of the Indian IPL cricket season, demonstrating that the emerald pipeline from Zambia through to the end consumer is showing a steady increase in demand.

“Jaipur marked our first low grade auction and the improvement in market sentiment was palpable. We were particularly pleased to further cement our relationships with our various customers, laying the path for Zambian emeralds to take the lead in the supply of ethical gemstones of guaranteed provenance.”

Gemfields expects to hold its next auction of high quality emeralds in London in June or July.



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