23rd May 2016 07:26
LONDON (Alliance News) - Gemfields PLC on Monday said it generated USD14.3 million from the rough emerald auction held in Jaipur, India last week.
Gemfields said the auction, predominantly of lower-quality rough emeralds extracted by Kagem Mining Ltd from the Kagem mine in Zambia, made USD14.3 million in total and a record USD5.15 per carat for the lower quality auctions.
Of the 3.67 million carats offered for sale, 2.78 million, or 76%, were sold, Gemfields said.
"Jaipur has delivered another solid auction result, including a new record price per carat for our lower quality emerald auctions," said Chief Executive Ian Harebottle.
Gemfields owns 75% of Kagem Mining, with 25% owned by the government of Zambia.
Gemfields shares were trading up 0.9% at 43.75 pence early Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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