Gemfields sells $5.9 million worth of emeralds at auction

Gemfields PLC believes its rough emerald auction in London showed positive buying outlook, as sales touched $5.9 million. The auction was held between July 20-24. Altogether 1.36 million carats of rough emeralds were put on sale in 27 lots, previously set undisclosed reserve prices. Around 30 participating companies attended from Germany, India, Israel and the U.S.

The positive buying outlook at the auction is encouraging the company to make such auctions a regular feature of its marketing strategy. During the market slowdown, it had opted to concentrate on building inventory, to later make it available to its customers on a regular basis. It intends to strengthen ties with the entire manufacture – retail – design - consumer chain.