(Correcting that the first auction recorded USD21.2 million in March, not May)
Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Generates USD25.5 million in revenue from its third and final Kagem emerald auction this year, compared to USD43.7 million at an auction in May to June. In March, revenue was USD21.2 million. The latest auction was held during the period from August 29 to September 15. 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.
Gemfields says this emerald auction marks the third and final Kagem auction of 2023, bringing its total auction revenue for 2023 to USD90 million, representing the third best auction year ever. In 2022, Kagem auction yielded USD149 million and recorded USD92.3 million in 2021. "Given the generally lower quality and quantity of emerald production at Kagem in recent months, we announced last week the withdrawal of our auction of higher quality emeralds originally scheduled for November 2023," says Adrian Banks, Gemfields' managing director of product and sales.
Current London stock price: 13.45 pence, up 1.5% on Monday morning
12-month change: down 24%
Johannesburg stock price: ZAR3.20, up 3.8% on Monday morning
12-month change: down 4.6%
By Artwell Dlamini, Alliance News reporter
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Gemfields Grou. (GEM)