Gemfields Posts Strong Results at Singapore Emeralds Sale

Finance and Trade
08/09/2015 09:21

Gemfields said a sale of emeralds and amethyst in Singapore met expectations, with 37 companies placing bids in the miner's first auction of its financial year. The auction followed seven successive emerald auctions held in Lusaka, and marked the return of Zambian emerald auctions to a wider international market.

The auction offered 600,000 carats of higher quality emeralds extracted from Kagem, with 18 of the 19 lots offered being sold, generating revenues of $34.7 million. The average price per carat raised was $58.42, the third-highest figure on record, the firm said. The company's 19 auctions of emeralds and beryl mined at Kagem in Zambia since July 2009 have generated $360 million in revenues.