Gemfields achieves record revenue of $16.4M at gem auction

Gemfields has broken two records at another successful auction of its rough emeralds and beryls in Lusaka. The firm has now completed three auctions in Zambia in the last eight months. In the latest, held from November 11 to 15, Gemfields sold 4.9 million carats of low-quality emeralds and beryl for $16.4 million, or an average of $3.32 per carat, a 27 percent increase on the previous highest unit value achieved at any auction of predominantly lower-quality material. The auction, which was the second offering of gems mined by the company at its Kagem emerald mine in Zambia, was attended by 21 companies, with 20 placing at least one bid for the 5.6 million carats that were offered.

Out of 21 lots offered, 19 were sold, bringing the company’s aggregate revenue from the fourteen auctions held since July 2009 to $224 million. On Monday, shares rose 1.05 percent to stand at 36p but have risen around 40 percent since mid-October.