Gemfields is pleased to announce the results of an auction of predominantly commercial quality rough emeralds held from 31 August to 19 September 2022.
The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.
The auction saw 44 companies placing bids, generating revenues of USD 32.9 million with an overall average sales price of USD 9.01 per carat, the second-highest figure achieved at any Kagem commercial quality auction. The auction saw 97% of both the number of offered carats and the number of lots being sold.
Gemfields’ 42 auctions of emeralds and beryl mined at Kagem since July 2009 have now generated USD 868 million in total revenues. The results of the five most recent commercial quality Kagem.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore, the results of each auction are not directly comparable.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “The results announced today confirm once again that 2022 is the strongest year on record for Zambian emeralds mined at the Kagem emerald mine. Kagem’s year-to-date auction revenues now stand at USD 118 million, a notable figure when compared with the full-year record set in 2021 of USD 92 million. As with all Gemfields auctions of Kagem emeralds, these revenues are repatriated in full to Kagem in Zambia, meaning that Zambia sees the full value of its emerald resources flowing home. We thank and congratulate our hard-working teams, the government of Zambia (which owns 25% of Kagem) and of course our clients for their ongoing support in building one of the most sparkling sectors in African natural resources.”