Gemfields Group Ltd - London and Johannesburg-listed gemstone supplier - Nets USD31.4 million from its March-April mini auctions, tripled from USD10.9 million at its previous auctions over November and December. Says the overall average value was USD115.59 per carat, up from USD59.84 per carat. Says the auction saw 59 companies placing bids. Says the auction contained a selection of grades that are typically offered at Zambia-based Kagem Mining Ltd's auctions of higher quality emeralds.
"This was Kagem's highest auction revenue since March 2016 and we were very pleased to see such strong demand and pricing. Because operations were suspended at Kagem in March 2020, the world's largest emerald mine produced no new emeralds for more than a year. Due to the arising supply and demand dynamics, a number of our clients have therefore seen this auction as a vital opportunity to purchase emeralds. Today's result also means that Kagem has already surpassed the aggregate auction revenues achieved in the whole of 2020, which stood at just USD 22.4 million as a result of the fall-out from the Covid-19 pandemic," says Managing Director of Product & Sales Adrian Banks.
Current stock price: ZAR1.55, up 3.3% in Johannesburg; 8.00 pence, up 10% in London
Year-to-date change: up 15% in Johannesburg; up 19% in London
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Gemfields Grou. (GEM)