From 31 August to 4 September 2015 Gemfields plc held auctions for emerald and amethyst lots in Singapore. 

The goods consisted of predominantly higher quality rough emerald extracted by Kagem Mining Ltd (75% owned by Gemfields and 25% by the Government of the Republic of Zambia) in Zambia; and higher quality amethyst from Kariba Minerals Ltd in which Gemfields has a 50% interest, with the balance being held by the Zambian Government.

The emerald auction raised total revenues of US$ 34.7 million with an average realised price of US$ 58.42 per carat.  Of the 0.60 million carats offered for sale, 0.59 million carats were sold (98%), the Company said. The 19 Kagem auctions held since July 2009 to date have generated US$ 360 million in total revenues.

The amethyst auction took in a total of US$ 0.44 million with an average realised price of  4.32 US cents per carat (an increase of 144% compared to the 1.77 US cents per carat realised in the February 2015 auction), the Company said. Of the 11.0 million carats offered for sale, 10.1 million carats were sold (92% by weight).

"Our Singapore auction has delivered another very strong result for our Kagem emeralds,” commented Ian Harebottle, CEO of Gemfields. “With 98% of the emeralds sold, it is very pleasing indeed to see Zambian emeralds continuing to enjoy such firm demand, aided by our return to running an auction in Singapore.”

Harebottle added: “Despite severely depressed global commodity prices, well-documented difficulties in the diamond sector and recent volatility across international financial markets, emerald prices remain as robust as ever....In addition it is pleasing to see the prices received for amethyst increase markedly since the last auction in February.”

 Gemfields said that its next auction is   expected to take place in November 2015, and will comprise predominantly of lower quality emerald and beryl.

Pic Cap:  Mila Kunis by Mario Sorrenti Gemfields Zambian emerald necklace by Fabergé