Gemfields Group announced that the auction of higher quality rough emeralds extracted by Kagem Mining Ltd in Zambia, held in Singapore from 14 – 17 November 2018 was completed successfully.

Kagem is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.

Among the highlights of the auction was the sale, for an undisclosed amount, of ‘Inkalamu’, the extraordinary 5,655 carat ‘Lion emerald’ which was discovered at Kagem on 2 October 2018. The stone was purchased at the auction by Rajkumar and Rishabh Tongya of Dia‐Color, specialists in high‐value gems.

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, Gemfields said.

Giving further details, the Company reported that 40 companies participated in the bidding process and 74% of the carats offered, and 77% of the lots, were sold at an average price of US$ 68.03 per carat.

With the completion of this round, the 30 Kagem auctions held since July 2009 have generated US$ 556 million in total revenue.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented, “The results of what was our first Singapore emerald auction in more than three years clearly reflect the emerging recovery among our trade customers after a protracted period of difficulty. The marked increases in the percentage of carats and number of lots sold, combined with the uptick in per carat price, bode well for further improvement in 2019.”

Banks added that Gemfields, in furthering its support of wildlife conservation, will be “donating 10% of the proceeds of ‘Inkalamu’ to its conservation partners the Zambian Carnivore Programme (www.zambiancarnivores.org) and the Niassa Carnivore Project (www.niassalion.org)”. The Inkalamu emerald will deploy fully customised Gübelin ‘Provenance Proof’ nano‐tagging, allowing the “descendants” of Inkalamu (or Inkalamu’s own ‘pride of lions’) to be traced directly to not only the mine of origin, but the gem of origin, he stated.

Pic caption: The extraordinary 5,655 carat ‘Lion emerald’
Pic courtesy: Gemfields