Gemfield’s latest emerald auction included 37 kg “Kafubu Cluster”

Gemfields has announced the results of an emerald auction comprising a series of five sequential mini auctions held during the period 30 October – 17 November 2022.

The auction contained a selection of grades that are typically offered at Kagem Mining auctions of higher quality emeralds. In addition, the auction included a 37kg special interest piece called the “Kafubu Cluster”.

The auction lots were made available for in-person and private viewings by customers in Bangkok. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields, which permitted customers from multiple jurisdictions to participate in a sealed-bid process.

The rough emeralds sold were extracted by Kagem (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.

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

“Our end-of-year emerald auction has delivered a pleasing and solid result despite a clear softening of both prices and sentiment when compared with the remarkable highs we enjoyed in May 2022.

“This has been a record-shattering year for Kagem with an amazing US$149 million in auction sales realised in 2022. We send our thanks and congratulations to the hard-working Kagem team and to Kagem’s 25% shareholder, the Government of the Republic of Zambia.”

Highlights – November 2022 Emerald Auction

• Total auction revenues of $30.8 million
• 37 lots were offered for sale, of which 34 were sold
• Average price of $76.78 per carat (includes the Kafubu Cluster which comprised 44% of the total weight offered at the auction)
• 94% of the carats offered were sold
• Kagem’s 2022 auction revenues have set a new annual record of $149.4 million (beating the prior record – set in 2021 – of $92.3 million)
• The 43 auctions of Kagem gemstones held since July 2009 have generated $899 million in total revenues
• The 37 kg Kafubu Cluster, a special interest piece, set a record as the most expensive single emerald item ever sold by Gemfields

Source: miningreview.com