Less Ads, More Data, More Tools Register for FREE

Gemfields Receives Positive Auction Results In India

Thu, 10th Oct 2013 08:10

LONDON (Alliance News) - Gemfields PLC Thursday said its auction of traded rough emeralds in India has provided strong revenues and showed improving market conditions.

The rare coloured gemstones mining company with operations in Zambia said it made gross revenues of USD8.5 million at the Jaipur auction after selling 145,952 carats worth of stones.

Gemfields also said that its gems were sold at an average realised price of USD58 per carat, which is the highest average price achieved at any Gemfields auction and represented upbeat market conditions and higher quality emeralds being produced.

On October 3 the company announced that the Zambian Ministry of Mines asked the company to host its gem auctions related to its 75% owned Kagem Mining Limited, in Zambia rather than abroad, causing significant disruption to its sales plans and leading to only one auction being carried out in the second half of the financial year.

The company said it is in discussions with the Government of Zambia to find a better selling strategy for its gems.

Gemfields shares were up 4.0% to 26.00 pence in early trading Thursday.

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

Copyright 2013 Alliance News Limited. All Rights Reserved.

Related Shares

More News

IN BRIEF: Gemfields appoints Assore's Patrick Sacco to board

IN BRIEF: Gemfields appoints Assore's Patrick Sacco to board

11 Oct 21 11:48

LONDON BROKER RATINGS: Keppler Cheuvreux raises Pearson to Hold

LONDON BROKER RATINGS: Keppler Cheuvreux raises Pearson to Hold

30 Sep 21 09:35

IN BRIEF: Christo Wiese resigns from Gemfields board

IN BRIEF: Christo Wiese resigns from Gemfields board

24 Sep 21 20:16

Gemfields swings to interim profit on return of mini-auctions

Gemfields swings to interim profit on return of mini-auctions

23 Sep 21 11:32

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.