LONDON – Gemfields has announced the results of an auction of predominantly commercial quality rough emeralds held from 28 July to 11 August 2021. The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”, which is 75% owned by Gemfields and 25% 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.
Highlights – Emerald Auction
- Auction revenues of USD 23.1 million, a new all-time record for commercial quality emerald auctions
- Of the 32 lots offered, 31 were sold (97%)
- Average price of USD 6.61 per carat, a new all-time record for commercial quality emerald auctions
- 97% of the carats offered were sold
The 38 auctions of Kagem gemstones held since July 2009 have generated USD 712 million in total revenues. Gemfields’ 38 auctions of emeralds and beryl mined at Kagem since July 2009 have now generated USD 712 million in total revenues.
The auction saw 49 companies placing bids, generating total revenues of USD 23.1 million with an overall average value of USD 6.61 per carat. The auction saw 97% of the offered carats being sold (and also 97% of the number of lots offered).
The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand.
Therefore the results of each auction are not always directly comparable.