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Gemfields announces Jaipur Emerald Auction Results
The auction saw 31 companies placing bids, generating total revenues of US$10.8 million with an overall average value of US$3.05 per carat.
By: Diamond World News Service
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Mar 1 2018 11:42AM
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Reference: 16149  

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Pallinghurst announced the results of an auction of predominantly commercial quality rough emerald held by Gemfields Ltd (“Gemfields”, which is 100% owned by Pallinghurst) in Jaipur, India from 19 – 22 February 2018. The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”, which is 75 per cent owned by Gemfields and 25 per cent by the Government of the Republic of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.

Highlights – Emerald Auction

  • Auction revenues of US$10.8 million
  • Of the 21 lots offered, 19 were sold (90 per cent)
  • Average price of US$3.05 per carat
  • 95 per cent of the carats offered were sold
  • The Kagem auctions held since July 2009 have generated US$506 million in total revenues

The auction saw 31 companies placing bids, generating total revenues of US$10.8 million with an overall average value of US$3.05 per carat. Robust demand resulted in 95 per cent of the offered carats being sold (or 90 per cent of the number of lots offered).

Gemfields’ 27 auctions of emeralds and beryl mined at Kagem since July 2009 have generated US$506 million in total revenues.

Sean Gilbertson, CEO of Gemfields, commented:

“We’re very pleased to see the enduring demand that underpinned the sale of 95 per cent of the carats offered. The results support our view that the fundamentals of the coloured gemstone sector remain in good shape despite thinner auction bidding. While the overall average price per carat for this auction appears somewhat lower due to the inclusion of lower quality grades not included in our prior auction, we’re very pleased with the quality-for-quality prices achieved.  This auction also sees Kagem pass US$500 million of aggregate revenue since Gemfields acquired its 75 per cent stake. We believe this is the first time a coloured gemstone mine has transparently attained this milestone with publicly available data. The Zambian Government’s share of these revenues – in the form of royalties, corporation tax and dividends – exceeds US$105 million, or 21 per cent. We congratulate our hard-working team and our partners in Kagem, the Government of the Republic of Zambia”.

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