Gemfields hit a record auction for rough Emeralds from its Kagem mine in Zambia, with all 32 lots sold, including a 7,252 carat chipmble.
Miners were selling Emeralds, whose name means ” rhinoceros” in the local Bemba dialect, to Ished-Gemstar at an undisclosed price, it said recently. The Israeli manufacturer also acquired a 935-carat emerald crystal on sale from the November 1 to December 6. The total auction brought in a total of $ 37.8 million.
“Our year-end Emerald auction was one of the most competitive auctions in Kagem history,” said Adrian Banks, Gemfields’ managing director of product and sales.“As a result, the auction set new records for both the highest revenue and the highest average price per carat at any Kagem auction.
The result of the auction further underscores the change in market demand and prices offered by our clients. And aided by the limited supply caused by the one year suspension of Kagem because of pandemic.
Meanwhile, Gemfields also achieved record results at its last auction for Rubies from its Montepues mine in Mozambique, which ran from the November 8 to December 9. 97% of items sold met buyers on offer, resulting in total revenue of $ 88.4 million.
All the time high for the company. “This was the strongest ruby auction in Gemfields history and we are very pleased with the approach and growth of the ruby sector,” Banks said.
“The strong results we have seen in sales for both Emeralds and Rubies means Gemfields has set a new record for $ 239 million in annual gem auction revenue.”