Friday , April 12 2024

Gemfields auctions nets $11.1m

Aim-listed Gemfields’ latest auction of emerald and amethyst has netted revenue of $11.1-million.

The auction, held in Jaipur, India, from September 26 to 29, included commercial-quality rough emerald extracted at Gemfields’ 75%-owned Kagem mine, in Zambia, and higher-quality amethyst mined by Gemfields’ 50%-owned subsidiary Kariba Minerals in Zambia.

Of the 4.05-million carats of emerald on offer, 3.27-million carats were sold at $3.28/ct.

Of the 13.6-million carats of amethyst on offer, 11.6-million carats were sold at $3.73/ct.

“Jaipur has yet again delivered a positive result in support of Gemfields’ vision and reflecting the fact that the platform upon which the growth of the coloured gemstone sector is being built remains encouraging.

“While there is evidence of a softening in demand for some of the lower qualities in some markets, the overall average price per carat achieved was impacted on by this auction and not having the benefit of some of the larger-size, higher-quality gems that were placed on offer in our May auction,” commented CEO Ian Harebottle.

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