Gemfields Lusaka auction creates highest revenue record

Gemfields plc’s most recent auction in Lusaka, Zambia, created a new record earnings for the company. The auction offered predominantly higher quality rough emerald and beryl. It took place from February 21-25, 2104, earning USD 36.5million, the highest revenue record for any Gemfields auction. Of the 0.84million carats offered, 0.62 million carats were sold, with the average price being $59.31 per carat, a 10 percent increase on the prior record for Kagem auctions.

Altogether 34 companies attended and bid at the auction which was the third for the company in the current financial year of gemstones mined by Gemfields from the Kagem emerald mine in Zambia. The sale also set a record for the highest average per carat price achieved to date.

Ian Harebottle, the CEO of Gemfields mentioned, “Gemfields has now completed four successful auctions in Zambia, all during the last eleven months. We have achieved two new records – the highest aggregate revenue and the highest average per carat price.” He further added, “Our commitment to our vision for precious coloured gemstones, our operational investments, the acquisition of Fabergé and our ever expanding international marketing endeavours are clearly furthering the momentum we have built during the last five years. Zambia’s role in the global emerald market has never been more important, with Zambian emeralds now favoured by many as the emerald of choice.”