Manufacturers

Gemfields’ latest auction records 11% rise in average carat price

Gemfields has announced its rough emerald and beryl auction snared $34.9m (£22.28m) total revenue, the second highest number ever achieved at any higher quality rough auction. 

The auction, held in Lusaka, Zambia on November 13-17, generated an average realised price of $65.89 (£42) per carat, a new record for higher quality rough auctions and represents an 11% increase on Gemfields previous auction.

The auction was Gemfields’ second of the financial year (ending June 30 2015) and saw a total of 34 companies bid on the rough gemstones.Of the 598 million carats offered for sale on the auction – all from the Kagem emerald mine – 88.6% (530 million) were sold.

The company’s 17 auctions of gemstones from the Kagem mine since July 2009 have generated a total of $311m (198.5m).

Ian Harebottle, CEO of Gemfields, said: “[We are] delighted to see the continued enthusiasm for coloured gemstones so clearly reflected in our latest auction results. We’ve set another record for per-carat prices as is evidenced by the 11% increase achieved versus our last higher quality auction, and have now completed six successful auctions in Zambia, all during the last 20 months.

“Zambian emeralds are now very well established and highly sought after in the international market, playing an increasingly prominent role for many of the world’s leading jewellery houses.”

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