JOHANNESBURG - Gemstone mining company Gemfields said on Friday an auction of predominantly commercial quality rough emerald held in the Zambian capital Lusaka this week raised US$18.6 million in revenue.
In a statement, Gemfields said the stones were extracted by Kagem Mining, in which it has a 75 percent stake while the Industrial Development Corporation of Zambia owns 25 percent.
"The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the government of ... Zambia being paid on the full sales prices achieved at the auction," the company said.
Gemfields said a 15 percent Zambian export duty imposed on emeralds since January 1 remained Kagem’s biggest impediment.
The auction saw 34 companies placing bids, with 37 percent of the offered carats being sold.