Gemfields plc’s auction in Singapore generates USD 31.6 million

Gemfields plc’s recent auction of predominantly higher quality rough emeralds in Singapore, garnered a high spirited participation from bidders, considering 38 of the 39 bidders placed their bids, and showed enthusiastic buying despite price increases. There were 1.07 million carats placed on offer, of which 0.74 million carats were sold, with the price per carat increasing a good 63 percent higher over the previous sale.

The company churned USD 31.6 million worth of revenues from this sale, held between 11-15 July 2011 and is positioned to hold its next auction for predominantly higher quality rough emeralds in November 2011.

Editorial note: Diamond World had carried a story on Gemfields’ Singapore auction 2011 a few days ago, with information from market reports, while the official reports from the company were still awaited at that time. Hence the previous news reflected data that is inconsistent with this report which carries the official figures which have just come in from Gemfields.