Emerald Rough Stone Auction in Johannesburg

As part of its promotion programme for emerald stones, Gemfields PLC recently held an auction of emerald rough stones at the golf course in Johannesburg, South Africa. The participants bid for assorted rough parcels ranging from low-grade commercial emeralds to jewellery worth material, displayed at the auction held between 23rd and 27th November 2009. Prices for the gemstone went upbeat as the total sale of emeralds fetched an approximate US$ 5 million.

India lags behind places such as Columbia in the emerald market worldwide. However, the sole presence of 20 Indian Companies from Jaipur at the sale, according to Rishabh Tongya, Precious Jewels Corp, was a clear indication of India’s dominance in the Zambian emerald business in terms of processing and ultimately consuming it in the domestic market, thus, thereby running end to end. This was also confirmed by other participants at the auction.

The demand for emeralds gemstones has remained the unchanged over the past one year. However, the gem and jewellery fraternity hopes that sales of the precious stone would boost up the next year.