6th May 2014 10:23
LONDON (Alliance News) - Gemfields PLC Tuesday said revenues from its most recent auction of high quality emeralds stood at USD13.5 million, compared with USD8.5 million it recorded at an auction in September 2013.
The rare coloured gemstones mining company said the emeralds sold at the Jaipur, India auction comprised of Zambian and Brazilian emeralds obtained by Gemfields in the open market from various sources.
Gemfields said the Jaipur auction yielded an overall average value of USD50 per carat, which was lower than the USD58 per carat released in the September 2013 auction. However, Gemfields said the composition of the two auctions was considerably different given variations in the qualities available in the open market.
The company said its next auction of mined rough emeralds and beryl is scheduled to take place in Lusaka, Zambia during the second-half of 2014. The auction, of predominantly lower quality emerald and beryl, will be made up only of material mined, processed, graded and owned by Kagem.
The stock was trading at 39.50 pence Tuesday morning, up 1.75 pence or 4.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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