IN BRIEF: Gemfields lauds robust emerald auction despite softer market
Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Generates $35.0 million in revenue from an emerald auction that took place over May 13 to May 30, compared to $43.7 million at an auction in May to June 2023. Says 46 lots were offered for sale at the latest auction, of which 43 were sold, and the average price was $167.51 per carat. The rough emeralds sold were extracted by Kagem emerald mine in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corp of Zambia.
‘We are very pleased to report robust auction results despite slightly softer market conditions,’ says Adrian Banks, the managing director of product & sales. ‘Today’s result demonstrates that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels.’
The upcoming mixed-quality ruby auction will be held in June and the next commercial-quality emerald auction is scheduled for September.
Current London stock price: 12.89 pence, up 1.1% on Friday afternoon
12-month change: down 13%
Johannesburg stock price: R 3.05, down 1.3%
12-month change: down 16%
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