Record sales at Gemfields’ rough emerald auction in Jaipur

Gemfields held an auction of predominantly lower quality rough Zambian emerald and beryl in Jaipur, India between 10 to 14 March 2011, in which sales valued USD 9.9 million, a record for lower quality auction sales. The average per carat sale value was worth USD 0.77 per carat. Of the 35 lots or 16.83 million carats on offer, 34 lots 12.98 million carats went under the hammer. Forty eight companies were invited to attend the auction, of which 44 placed bids.

Ian Harebottle, CEO of Gemfields, commented: "Gemfields is naturally very pleased with the results in Jaipur. The overwhelming interest in attending Gemfields’ auctions provides sound evidence of an increase in demand for our products across all grades and all markets. Moreover, it is encouraging to see the enthusiasm and positive response of our downstream clients and partners in furthering Gemfields’ vision of bringing to market a consistent and reliable supply of rough emeralds from a responsibly and ethically operated source. Our marketing programmes are working for our clients, and they’re clearly working for us."

The per carat prices at the auction showed 148 percent increase to USD 0.77 per carat, from USD 0.31 per carat (seen during the lower quality auction held in March 2010). The company believes this to be a sign of ‘robust growth in both prices and demand for emeralds in general and Gemfields’ ethical emeralds in particular, across all regions and all sectors’. The company also took the opportunity of testing the levels of demand for rough amethyst derived from Gemfields’ 50 percent owned Kariba amethyst mine in Zambia, which were encouraging. Gemfields expects to sell significant quantities of rough amethyst into this market.

Through its three auctions held in the current financial year, the company has achieved USD 37 million in aggregate revenues.