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Feb 26 (Reuters) - Gemfields Plc, producer of abouta fifth of the world's rough emeralds, said revenues from itslatest auction in Zambia were a record $36.5 million.
Shares of the company, owner of the luxury jewellery brandFabergé, rose as much as 3 percent in early trading.
Gemfields had been selling output from its flagship Kagemmine around the world until the Zambian government said lastApril that all emeralds mined in the country must be auctionedat home.
The February auction of rough emeralds and beryl was thefourth to be held in the Zambian capital Lusaka in the last 11months. Gemfields has been lobbying the Zambian government toextend its emerald auctions beyond the country.
The company said total revenue from rough emerald and berylsales in the financial year-to-date have reached $96.4 million.
It had reported a 42 percent fall in revenue for the yearended June 30, 2013 as the Zambian government directive resultedin a delay in holding the auctions.
In the latest auction, held between Feb. 21 and Feb. 25, theaverage price was $59.31 per carat. Fifteen of 17 lots on offerwere sold, Gemfields said in a statement.
The miner said two more auctions were scheduled to takeplace before the end of the financial year, including theinaugural auction of rough rubies and corundum from theMontepuez ruby deposit in Mozambique.
Having earlier risen nearly 3 percent, Gemfields' shareswere trading flat at 35.50 pence on the London Stock Exchange.
