Gemfields boosts revenue from emerald auctions

Coloured gemstone miner and trader Gemfields has increased revenues from its emerald auctions by more than half, paving the way for more expansion.Gemfields said it increased gross revenue from its second stand-alone auction of traded rough emeralds in Jaipur, India, by 59% to $13.5m, compared to the first auction last September.Healthy market conditions underpinned robust prices for the mainly higher quality emeralds on offer, it said.Gemfields sells emeralds from its own 75%-owned Kagem mine in Zambia as well as stones from other sources.Chief Executive Ian Harebottle said: "Thanks to favourable market conditions and strong demand for higher quality emeralds, we have generated another solid trading profit and it was pleasing to see the contribution made by Brazilian emeralds. We will continue the expansion of our international trading and sourcing activities accordingly."Shares in Gemfields sparkled 1.5p or 4% to 39.25p at 15:47 in London.PW Gemfields Grou.