2nd Mar 2015 10:39
LONDON (Alliance News) - Gemfields PLC Monday said it had earned USD14.5 million from its latest emerald and beryl auction, while an amethyst auction from a mine in which it has a 50% stake raised revenue of USD0.5 million.
The company last week auctioned predominantly lower quality rough emerald and beryl from its Kagem emerald mine. The auction, which took place in Lusaka, also included higher quality amethyst from Kariba Minerals Ltd, in which Gemfields has a 50% interest.
The average price realised at the emerald and beryl auction was USD3.72 a carat, which it said was a new record for auctions of predominately lower quality material mined at Kagem. It had offered 10.1 million carats for sale and sold 3.9 million carats, or 39%. The average realised price at the amethyst auction was USD1.77 cents a carat. Of the 27.7 million carats offered for sale, 25.2 million, or 91%, were sold.
Gemfields' next auction will take place in Jaipur at the end of March and will comprise predominantly lower quality rough rubies and corundum from the Montepuez ruby deposit in Mozambique.
"We've set another record for realised per carat prices at an auction of lower quality emerald and beryl, and have now completed seven successful auctions in Zambia, all during the last 22 months," Gemfields Chief Executive Ian Harebottle said in a statement.
"It is pleasing to see a total of 88% of the total value of the lots placed on offer being bought and Zambian emeralds continuing to enjoy such firm demand," he added.
Still, Gemfields shares were down 0.6% at 47.20 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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