Gemfields Raises USD19.2 Million From Latest Kagem Emerald Auction

Mon, 23rd Nov 2015 09:47

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

Gemfields Grou.