Gemfields Jaipur Releases Emerald Auction Result
Gemfields announces the auction results of commercial quality rough emerald held in Jaipur. The emeralds were extracted by Kagem Mining Ltd in Zambia.
Pallinghurst is pleased to announce the results of an auction of predominantly commercial quality rough emerald held by Gemfields Ltd (“Gemfields”, which is 100% owned by Pallinghurst) in Jaipur, India from 19 – 22 February 2018.
The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”, which is 75% owned by Gemfields and 25% by the Government of the Republic 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.
Highlights – Emerald Auction
• Auction revenues of US$10.8 million
• Of the 21 lots offered, 19 were sold (90%)
• Average price of US$3.05 per carat • 95% of the carats offered were sold
• The Kagem auctions held since July 2009 have generated US$506 million in total revenues.
The auction saw 31 companies placing bids, generating total revenues of US$10.8 million with an overall average value of US$3.05 per carat. Robust demand resulted in 95% of the offered carats being sold (or 90% of the number of lots offered).
Gemfields’ 27 auctions of emeralds and beryl mined at Kagem since July 2009 have generated US$506 million in total revenues.