Gemfields Reports Good Revenue From August Auction

LONDON (Alliance News) - Gemfields PLC Monday said revenues from its most recent auction of predominantly low-quality rough emerald and beryl stood at USD15.5 million, one of its highest achieved at any auction of lower-quality gems.

The rare coloured-gemstones mining company said it sold 11.6 million carats of the 12.1 million carats of emerald and beryl at the auction in Lusaka, Zambia last week.

Excluding the sale of 1.5 tonnes of low grade beryl, the average realised price was USD3.61 per carat.

Gemfields said its 16 auctions of emeralds and beryl mined at Kagem, Zambia since July 2009 have generated USD276 million in aggregate revenues.

Gemfields shares were quoted down 0.3% at 46.50 pence Monday morning.

By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews

Copyright 2014 Alliance News Limited. All Rights Reserved.

Gemfields Grou.