National Jeweler Network

Market Developments

50 percent of lots sell for Gemfields in India

May 08, 2014

Jaipur, India--Colored gemstone miner Gemfields PLC announced that it sold half of the lots offered at its auction of traded rough emeralds held in Jaipur, with the sale totaling $13.5 million, a 59 percent increase as compared with the same sale last fall.  

The auction took place April 28 to May 2, featuring Zambian and Brazilian emeralds of predominantly higher quality obtained by the mining company in the open market from various sources. 

Of the 41 lots offered, exactly half--21--sold but the auction garnered 86 percent in value terms. 

The sale achieved an average price per carat of $50, down from $58 per carat record price set at the company’s first standalone auction of traded material held in October.

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“Gemfields’ second standalone auction of traded rough emeralds, again held in Jaipur, demonstrates considerable growth in our vision of being able to deliver gems from various sources to our valued customers within the framework of our transparent and well-proven auctions,” said CEO Ian Harebottle.

“Thanks to favorable market conditions and strong demand for higher-quality emeralds, we have generated another solid trading profit and it was pleasing to see the contribution made by Brazilian emeralds. We will continue the expansion of our international trading and sourcing activities accordingly.”

Sales of rough emerald and beryl during Gemfields’ current financial year have now reached $109.9 million.

Gemfields’ next auction of mined rough emeralds and beryl is scheduled to take place in Lusaka, Zambia during the second half of 2014. The auction of predominantly lower-quality emerald and beryl will be made up of only material mined, processed, graded and owned by the Kagem mine.

The company’s first auction of rough rubies and corundum from the Montepuez ruby deposit, in which Gemfields has a 75 percent stake, is scheduled to take place in Singapore in mid-June.