Gemfields reports highest auction revenue in five years By Dineo Faku Share JOHANNESBURG - GEMFIELDS, the London-headquartered supplier of coloured gemstones, reported the highest auction revenue in five years from Kagem, its Zambia-based emerald mine. Gemfields, which also operates Montepuez Ruby Mining in Mozambique, said 59 companies had placed bids generating $31.4 million (R445.84m), with an overall average of $115.59 a carat (R1 584.56) during five sequential mini-auctions held between March 15 and April 17. The group said its 37 auctions of emeralds and beryl mined at Kagem since July 2009 had generated $688.8m in total revenue. Managing director of products and sales Adrian Banks said through the auctions Kagem had generated the highest auction revenue since March 2016.