Gemfields, which held an auction of higher quality rough emeralds  in Singapore from May 14 – 17,  2019, said a revenue of US$ 22.4 million was raised through the sale.

The auction, which saw 45 companies placing bids, realised an average price per carat of US$71.85 – “an all‐time record for any Gemfields emerald auction”, the Company said.

Further, Gemfields added, the top lot set an all‐time price per carat record for Gemfields emerald auctions.

Of the total of 35 lots offered, 28, or 80%, were sold. In carat terms 72% of the carats offered were sold.

“The 32 Kagem auctions held since July 2009 have generated US$ 589 million in total revenues,” Gemfields stated.

The emeralds sold at the auction were extracted by Kagem Mining Ltd in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.

“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 stated.

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