Gemfields Notes Record Revenues From Recent Auction

LONDON (Alliance News) - Gemfields PLC Wednesday said it has continued to achieve strong revenues after its Zambian auction of predominantly higher quality rough emerald and beryl from February 21 to 25.

The rare coloured gemstones mining company, with operations in Zambia and 100% ownership of Faberge Limited, said it achieved record revenues of USD36.5 million at the sale with an auction record average price of USD59.31 per carat.

The company said that of the 840,000 carats offered at the auction, 620,000 carats were sold.

Gemfields added that the 15 auctions held since July 2009 have generated USD260 million in total revenues and financial year to date revenues stand at USD92.9 million.

Gemfields shares were up 1.8% to 36.12 pence Wednesday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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Gemfields Grou.