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Gemfields shifts emerald auction from Singapore to Zambia
The tussle between the Zambian government and Gemfields continues
By: Diamond World News Service
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Jul 9 2013 9:54PM
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Reference: 7943  

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Gemfields has changed the location of its emerald auction, from Singapore to Lusaka – the capital city of Zambia. The change follows a request by Zambian officials sent out in April, that Gemfields host its sales within Zambia, reports say. Although there is no government ban on Gemfields selling its emeralds outside Zambian borders.

According to the new plans the auction of higher grade rough emeralds in Singapore from June 10-14, will be taken to Lusaka on July 15-19 reports add. Reports add that the country’s government believes the benefits of the mine are not reaching it, and as such the sales should be conducted within Zambia.

There have been around the issue but the Zambian authorities seem firm at their request. In the Kagem mine where Gemfields sources its emeralds, the government of the Republic of Zambia is a 25 percent stakeholder and 75 percent of the stake lies with Gemfields.

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