Gemfields makes over £20m in revenues at auction in Lusaka

 
Suzie Neuwirth
AIM-LISTED miner Gemfields yesterday announced that it made $31.5m (£20.5m) at an auction of rough emerald and beryl stones, its second highest auction revenues to date.

The firm said that the gems were sold at an average price of $54 per carat, a new auction record. All stones placed on offer were sold.

“These results demonstrate growing interest in the high quality emeralds highlighting the potential to unlock further value from [Zambian mine] Kagem should it be possible to generate greater interest for the product to drive prices still higher,” said broker Investec. “The interest is further demonstrated by having a successful auction in [Zambian capital] Lusaka rather than in Singapore or Jaipur, so clearly buyers are willing to travel to secure high quality product.”