Gemfields auction nets US$32.9 million

Gemfields has announced the results of an auction of predominantly commercial quality rough emeralds held from 31 August to 19 September 2022.

The emeralds were extracted by Kagem Mining. 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.

The auction saw 44 companies placing bids, generating revenues of US$32.9 million with an overall average sales price of US$ 9.01 per carat, the second highest figure achieved at any Kagem commercial quality auction. The auction saw 97% of both the number of offered carats and the number of lots being sold.

Gemfields’ 42 auctions of emeralds and beryl mined at Kagem since July 2009 have now generated $868 million in total revenues.

The specific auction mix and the quality of the lots offered at each auction vary in characteristics such assize, colour, and clarity on account of variations in mined production and market demand. Therefore, the results of each auction are not directly comparable.

Adrian Banks, Gemfields’ MD of Product and Sales, commented:

“The results announced today confirm once again that 2022 is the strongest year on record for Zambian emeralds mined at the Kagem emerald mine. Kagem’s year-to-date auction revenues now stand at USD 118 million, a notable gure when compared with the full-year record set in 2021 of USD 92 million.

“As with all Gemfields auctions of Kagem emeralds, these revenues are repatriated in full to Kagem in Zambia, meaning that Zambia sees the full value of its emerald resources flowing home. We thank and congratulate our hard-working teams, the government of Zambia (which owns 25% of Kagem) and of course our clients for their ongoing support in building one of the most sparkling sectors in African natural resources.”

Highlights

• Auction revenues of US$32.9 million, the second-highest figure ever achieved at a Kagem commercial quality auction
• Of the 34 lots offered, 33 were sold (97%)
• Average sales price of US$9.01 per carat, the second-highest figure ever achieved at a Kagem commercial quality auction
• The 42 auctions of Kagem gemstones hosted by Gemfieldssince July 2009 have generated US$868 million in total revenues