20-11-2018
London-based Gemfields has just announced the results of an auction of higher quality rough emeralds held 14 – 17 November 2018 in Singapore. The emeralds were extracted by Kagem Mining Ltd in Zambia. The proceeds of this auction will be fully repatriated to Kagem, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.
The auction saw 40 companies placing bids and generating total revenues of US$28.4 million with an average of US$68.03 per carat. Seventy-four percent of the offered carats were sold, compared with 56% in the last auction of higher quality emeralds held in Lusaka in May 2018. Seventy-seven percent of the offered lots were sold, versus 59 percent in the May 2018 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 of Gemfields.
Since July 2009, Gemfields’ 30 auctions of emeralds and beryl mined at Kagem have generated a total revenue of US$556 million. (Photo courtesy: Gemfields)
← Back