GEMFIELDS Plc, the world’s biggest emerald producer, says it generated record revenues from a low quality auction of its emeralds and beryls in Lusaka last week.
Gemfields is one of the world´s leading coloured gemstone companies.
With a strong focus on Zambian emeralds, Gemfields mines, processes and markets both rough and polished gemstones internationally. Gemfields prides itself on its unique ability to bring ethically produced, conflict-free gemstones of certified provenance directly from mine to market on an integrated basis.
The auction, held at the request of the government, saw 6.3 million carats of emerald and beryl extracted from the Kagem Mine in Zambia sold, generating US$15.2 million in revenues, the most it has ever raised from a lower quality auction, the company said yesterday.
The company, which has held 12 auctions since July 2009, had put 17.3 million carats on offer in Lusaka last week.
The average price per carat of the stones was US$2.42, down seven per cent from its last lower quality auction in Jaipur, India, reversing the historic growth pattern for the first time.
The company suggested this could be due to a number of declined auction invitations, which was higher than in prior auctions, most notably due to the travel demands placed on clients in reaching Lusaka, typically involving three flights and approaching 24 hours of journey time.
Only 25 of 31 Indian gemstone companies turned up to an auction in Lusaka, amid complaints from buyers that hosting auctions in the Zambian capital was “impractical”.
“Taking into account the prevailing uncertainty surrounding Gemfields’ future ability to freely sell emeralds outside of Zambia, Gemfields is generally satisfied with the results of its Lusaka auction. The results were reasonable but probably not as optimal as they could have been,” Ian Harebottle, chief executive officer of Gemfields said.
Earlier this month, the government banned the selling of Zambian gemstones abroad, a move that the government said was meant to protect the country from unscrupulous buyers and keep gem wealth in the country.
“Clarity and stability within our operating environment will no doubt also have a positive impact in the longer term and on the peace of mind of our customers,” said Harebottle. “Confidence in the secure, reliable and convenient supply of our gemstones is a critical ingredient. We will naturally continue to engage all relevant stakeholders within Zambia and abroad in an effort to seek resolution of the prevailing situation in the best interests of the Zambian emerald sector as a whole.”
Gemfields has raised US$175.7million in revenues from its 12 auctions since July 2009. ukzambians/self.
The auction, held at the request of the government, saw 6.3 million carats of emerald and beryl extracted from the Kagem Mine in Zambia sold, generating US$15.2 million in revenues, the most it has ever raised from a lower quality auction, the company said yesterday.
The company, which has held 12 auctions since July 2009, had put 17.3 million carats on offer in Lusaka last week.
The average price per carat of the stones was US$2.42, down seven per cent from its last lower quality auction in Jaipur, India, reversing the historic growth pattern for the first time.
The company suggested this could be due to a number of declined auction invitations, which was higher than in prior auctions, most notably due to the travel demands placed on clients in reaching Lusaka, typically involving three flights and approaching 24 hours of journey time.
Only 25 of 31 Indian gemstone companies turned up to an auction in Lusaka, amid complaints from buyers that hosting auctions in the Zambian capital was “impractical”.
“Taking into account the prevailing uncertainty surrounding Gemfields’ future ability to freely sell emeralds outside of Zambia, Gemfields is generally satisfied with the results of its Lusaka auction. The results were reasonable but probably not as optimal as they could have been,” Ian Harebottle, chief executive officer of Gemfields said.
Earlier this month, the government banned the selling of Zambian gemstones abroad, a move that the government said was meant to protect the country from unscrupulous buyers and keep gem wealth in the country.
“Clarity and stability within our operating environment will no doubt also have a positive impact in the longer term and on the peace of mind of our customers,” said Harebottle. “Confidence in the secure, reliable and convenient supply of our gemstones is a critical ingredient. We will naturally continue to engage all relevant stakeholders within Zambia and abroad in an effort to seek resolution of the prevailing situation in the best interests of the Zambian emerald sector as a whole.”
Gemfields has raised US$175.7million in revenues from its 12 auctions since July 2009. ukzambians/self.
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