Price per carat rises 11% in Gemfields auction

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Sales at latest auction of rough emerald hit £22m at £42 per carat.

Gemfields has announced the results of its latest rough emerald and beryl auction, citing revenues of $34.9 million (£22.28m) – the second highest sales achieved at a higher quality rough auction.

The auction of rough emerald and beryl from the Kagem emerald mine, held in Lusaka, Zambia, from November 13 to 17, generated an average realised price of $65.89 (£42) per carat. This has officially set a new record and represents an 11% increase in price per carat compared to Gemfields’ previous higher quality rough auction.

Of the 598,000 carats offered during the sale, 88.6% or 530,000 carats were sold overall. A total of 34 companies placed bids at the five-day sale, which represents Gemfields’ second auction in the current financial year, ending June 30 2015.

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Gemfields has held 17 auctions selling rough from its Kagem mine since July 2009, generating total revenues of $311m (£198.5m). Its next auction will take place in Singapore in December 2014, and will comprise rough rubies from the Montepuez ruby deposit in Mozambique.

Gemfields chief executive officer Ian Harebottle, commented: “Gemfields is delighted to see the continued enthusiasm for coloured gemstones so clearly reflected in our latest auction results. We’ve set another record for per carat prices as is evidenced by the 11% increase achieved versus our last higher quality auction, and have now completed six successful auctions in Zambia, all during the last 20 months.

“Zambian emeralds are now very well established and highly sought after in the international market, playing an increasingly prominent role for many of the world’s leading jewellery houses. We will continue to seek a wider client base internationally, including among our new audience of rough ruby buying clients, and look forward to our ruby auction in Singapore next month which we hope will deliver a similarly pleasing outcome.”

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