Singapore stone auction achieves second highest result for company.
Gemfields has announced the results of its recent Singapore auction of high quality rough emerald and beryl, with sales revenue totalling $26.8 million (£16.7m), Gemfields’ second highest auction revenues achieved to date.
Just under a million carats of emerald and beryls mined by Gemfields was put up for offer, with 97% sold.
A total of 37 companies attended the auction with all but two placing bids. The auction yielded an overall average of $29.71 (£18.59) per carat for the lots sold, slightly lower than the price achieved at the previous higher quality emerald auction held in March this year, in Singapore.
Ian Harebottle, chief executive of Gemfields, said: "Gemfields is delighted with the results of the Singapore auction announced today. The figures provide further evidence that the general global economic uncertainty has not affected the achievable per carat emerald rough prices on a quality-for-quality basis.
“The higher quality material is often regarded as a store of value in times of uncertainty and we remain confident in the long term value of these gemstones, the consistency of global demand and our ability to ensure a stable supply of high-quality ethically sourced emeralds from our Kagem mine in Zambia."
Harebottle added that Gemfields it set to focus on new marketing initiatives aimed at increasing the market visibility and profile of emeralds, rubies and other premium coloured gems.
Its next sale, due to take place in 2013, will feature rough rubies from the Montepuez mine in Mozambique.