Gemfields, supplier of coloured gemstones, said its latest auction delivered the third-highest price per carat that it had seen across its 21 auctions of commercial quality emeralds from Kagem, a sign that the market remains in good shape.
At its emerald auction – comprising commercial-quality rough emeralds – held between March 6 to 24, revenue totalled $21.2 million (nearly R388m).
The group said 29 lots were offered for sale of which 25 were sold (86%). The average price was $7.13 per carat, and 95% of the carats offered were sold.
“The 44 auctions of Kagem gemstones held since July, 2009 have generated $920m in total revenues,” it said.
Gemfields managing director for product and sales, Adrian Banks, said: “Gemfields’s first auction of 2023 yielded a sound outcome. While it is evident that the market has normalised appreciably, following the exuberance we experienced in 2022.”
According to the group, the auction lots were made available for private, in-person viewings by customers in Jaipur.
“Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields, which permitted customers from multiple jurisdictions to participate in a sealed-bid process,” the group said.
The rough emeralds sold were extracted by 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,” the group said.
BUSINESS REPORT