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Gemfields reports highest auction revenue in five years


Gemfields reports highest auction revenue in five years
By Dineo Faku
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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. ....

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Investegate |Gemfields Group Ltd Announcements | Gemfields Group Ltd: Emerald Auction Results


LONDON, 19 APRIL 2021
Gemfields is pleased to announce the results of an emerald auction comprising a series of five sequential mini-auctions held during the period 15 March - 17 April 2021. The auction contained a selection of grades
that are typically offered at Kagem Mining Ltd s ( Kagem ) auctions of higher quality emeralds. Selected lots were made available for in-person and private viewings by customers in Tel Aviv, Dubai and Jaipur.
Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
 
Operations at Kagem were suspended in March 2020 as a result of the Covid-19 pandemic and remained suspended until March 2021 in order to preserve cash during difficult market conditions. It is expected that mining operations at Kagem will ramp back up to full scale by the end ....

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