Gemfields yesterday announced the results of its emerald and amethyst auctions held in Lusaka, Zambia from March 30 until April 3, 2016.

A total of 558,000 carats of emerald extracted by Kagem Mining Ltd (75% owned by Gemfields and 25% by the Government of the Republic of Zambia) was offered for sale. Of this lot of predominantly higher quality rough emerald, 469,000 carats (or 84%) were sold for a total of US$ 33.1 million.  This works out to US$ 70.68 per carat, which, Gemfields said, represents a “new record” for higher quality auctions. This auction takes the total revenue generated through auction of Kagem gems to US$ 412 million.

“A total of 33 companies placed bids in Gemfields' third auction of Kagem production in the current financial year,” revealed the Company.

The auction of higher quality amethyst from Kariba Minerals Ltd (in which Gemfields and the Government of the Republic of Zambia have a 50:50 share), yielded a revenue of US$ 0.22 million for a total of 6.6 million carats representing  70% of the lot (a total of 9.4 million carats of amethyst were on offer).  The average price realised was US$ 3.26 per carat.

"Our return to Lusaka has delivered another strong - and indeed record - result at a time when global commodity and diamond prices remain volatile and uncertain,” commented Ian Harebottle, CEO of Gemfields. “Demand for - and prices of - emeralds clearly remain as robust as ever and gemstone mining represents one of the healthier segments of the sector. We're delighted that, in collaboration with our partners, the Government of the Republic of Zambia, the Kagem and Kariba operations continue to perform strongly."

Announcing its forthcoming schedule, the Company said: “Gemfields' next auction is expected to take place in May 2016 in Jaipur, India and is anticipated to be predominantly comprised of lower quality emerald and beryl from the Kagem emerald mine in Zambia.”