Gemfields' forthcoming auction is expected to take place in June 2016 in Singapore, and will be comprised predominantly of mixed quality rough ruby from the Montepuez ruby deposit in Mozambique.
Ian Harebottle, CEO of Gemfields, commented, "Jaipur has delivered another solid auction result, including a new record price per carat for our lower quality emerald auctions. The results from this auction mean that the Kagem mine has exceeded USD 100 million of declared revenues for the current financial year, and while we are confident that these numbers will be well surpassed in the years to come, we remain grateful for the part that each of our loyal staff members have played in ensuring that Kagem is the first mine to reach anywhere near this milestone in the history of the Zambian gemstone sector.”
“Kagem is a partnership between the Zambian Government and Gemfields, and we would like to thank the Government for their vision and support in building and internationalising the Zambian emerald industry. Kagem would not have reached the USD 100 million milestones without their belief in promoting a transparent and globally-competitive gemstone sector" Ian added.
De facto last Gemfields auction had been carried at Jaipur & it was of predominantly lower quality rough emerald extracted by Kagem Mining Ltd (which is 75% owned by Gemfields and 25% by the Government of the Republic of Zambia) in Zambia.
The previous auction was held in Jaipur, India, in the month of May 2016. Highlights of that Jaipur auction are, 1: Auction revenues of USD 14.3 million; 2: New record of USD 5.15 per carat for lower quality auctions; 3: Of the 3.67 million carats offered for sale, 2.78 million carats were sold (76%); and 4: 22 Kagem auctions held since July 2009 have generated USD 426 million in total revenues.