According to the announced at 3Q FY 2016, by the Gemfields' next auction will be of predominantly lower quality rough emerald and beryl and is scheduled to take place in May 2016 in Jaipur, India.
The last April 2016 auction of predominantly higher quality rough emerald held in Lusaka, Zambia, saw 0.47 million carats being sold. This represented 94% of the value and 84% of the weight offered and generated higher quality auction revenue of USD 33.1 million. The auction yielded an overall average value of USD 70.68 per carat, a record average price achieved to date for higher quality auctions.
Ian Harebottle, CEO of Gemfields, commented:"Gemfields has had another pleasing quarter of solid production across its emerald and ruby operations with both Kagem and MRM having maintained the momentum seen over the previous calendar year and well on track to meet their annual guidance. At Kagem this has been aided by an increase in both its processing efficiency and capacity following upgrades to the wash plant, while a shift in mining focus has supported MRM's results as it begins to implement some of its longer term capacity building initiatives.
"The coloured gemstone market remains robust, as is evident from Gemfields auction results, and is further supported by improving consumer demand within the US. To date the Company has generated over US$116 million in revenue from auctions held in the 2016 financial year and we look forward to two additional auctions, firstly a lower quality emerald auction in May and another ruby auction in June, prior to the year end."