Gemfields Singapore Emerald auction generates $24.8m

Gemfields has announced the results of an auction of higher quality rough emeralds held in Singapore from 14 – 17 November 2018, with revenues totalling $28.4m (£22m).

The emeralds were extracted by Kagem Mining in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia. The proceeds of the 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.

The auction saw 40 companies placing bids with an overall average value of $68.03 per carat. Of the number of lots offered, 77% were sold (versus 59% in the May 2018 auction).
Gemfields’ has held 30 auctions of emeralds and beryl mined at Kagem since July 2009 generating $556m (£432.8m) in total revenues.

Sean Gilbertson, CEO of Gemfields, said: “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.”

Adrian Banks, Gemfields’ managing director of product and sales, added: “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.”