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LONDON (Alliance News) - Gemfields PLC on Monday said its recent auction of emeralds extracted by its Kagem Mining Ltd subsidiary in Zambia raised a total of USD19.2 million.
The auction held in Jaipur, India attracted 29 bidders, a new record high of USD4.32 per carat bid on average for the lower-quality auctions.
Gemfields owns 75% of Kagem, with the balanced owned by the Zambian government.
"Despite the volatility across international financial markets, demand for, and prices of, emeralds, clearly remain as robust as ever. The counter-market cyclicality often associated with precious gemstones, and their reputation as a store of value in turbulent times, have once again shone through," said Ian Harebottle, Gemfields' chief executive.
Shares in Gemfields were up 3.1% to 43.2899 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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