Gemfields achieved revenues of $42.3 million, an all-time record for any Kagem auction, at the 5th edition of the India Rough Gemstone Sourcing Show (IRGSS) organised by GJEPC in Jaipur.
The auction of predominantly commercial quality rough emeralds, held from 15 March to 1 April, saw 56 companies placing bids, with 100% of the offered carats and number of lots being sold.
The emeralds were extracted by Zambia-based Kagem Mining Ltd., which is majority-owned by Gemfields (75%) and the state-owned Industrial Development Corporation of Zambia (25%).
The average price of $9.37 per carat is also an all-time record for Kagem commercial quality auctions.
Gemfields’ 40 auctions of emeralds and beryl mined at Kagem since July 2009 have generated $792 million in total revenues.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, said, “Our most recent auction represents one of the most momentous outcomes I’ve experienced in my 23-year career. We’ve witnessed another breakthrough for Kagem emeralds, with an auction of predominantly commercial quality emeralds setting a new all-time revenue record for Kagem and surpassing even our higher-quality auctions.
“When we announced Kagem’s August 2021 auction results, we pointed to a step-change in market demand and in the prices bid by our customers, paving the way for an exhilarating cycle in the coloured gemstone sector. Today’s result underscores just how big that step-change is and we’re delighted to see the coloured gemstone industry firing on all cylinders.”