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Gemfields’ Singapore Emerald Auction Generates US$28.4 million; 5,655-carat ‘Lion emerald’ bought by Diacolor
The auction saw 40 companies placing bids. 74 per cent of the offered carats being sold.
By: Diamond World News Service
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Nov 19 2018 5:31PM
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Reference: 16811  

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Mr. Rajkumar Tongya & Mr. Sean Gilbertson with Inkalamu
Mr. Rajkumar Tongya & Mr. Sean Gilbertson with Inkalamu

Gemfields’ auction of higher quality rough emeralds held in Singapore from 14 – 17 November 2018 generated auction revenues of US$28.4 million. ‘Inkalamu’, the extraordinary 5,655 carat ‘Lion emerald’ was bought by Rajkumar and Rishabh Tongya of Diacolor.

The auction saw 40 companies placing bids and generating total revenues of US$28.4 million with an overall average value of US$68.03 per carat. Improved liquidity in the trade customers in 74 per cent of the offered carats being sold, versus 56 per cent in the last auction of higher quality emeralds held in Lusaka in May 2018. Of the number of lots offered, 77 per cent were sold (versus 59 per cent in the May 2018 auction). Gemfields’ 30 auctions of emeralds and beryl mined at Kagem since July 2009 have generated US$556 million in total revenues.

The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”, which is 75 per cent owned by Gemfields and 25 per cent by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.

“Kagem and Gemfields believe coloured gemstones should be mined and marketed by championing three key values - legitimacy, transparency and integrity. We also believe that Zambia should benefit equitably from its natural resources through the taxes we contribute to the government, the foreign exchange earnings we generate, increased local employment, and the social impact of our community projects,” commented Sean Gilbertson, CEO, Gemfields.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented “The results of what was our first Singapore emerald auction in more than three years clearly reflect the emerging recovery among our trade customers after a protracted period of difficulty. The marked increases in the percentage of carats and number of lots sold, combined with the uptick in per carat price, bode well for further improvement in 2019.”

‘Inkalamu’, the extraordinary 5,655 carat ‘Lion emerald’ which was discovered at Kagem on 2 October 2018, was purchased at the auction by Rajkumar and Rishabh Tongya of Diacolor, specialists in high-value gems. Gemfields, in furthering its support of wildlife conservation, is donating 10 per cent of the proceeds of ‘Inkalamu’ to its conservation partners the Zambian Carnivore Programme (www.zambiancarnivores.org) and the Niassa Carnivore Project (www.niassalion.org). The Inkalamu emerald will deploy fully customised Gübelin ‘Provenance Proof’ nano-tagging, allowing the “descendants” of Inkalamu (or Inkalamu’s own ‘pride of lions’) to be traced directly to not only the mine of origin, but the gem of origin.

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