Gemfields’ September Auction Nets $11M

Gemfields’ September Auction Nets $11M

London–While it sold about 81 percent of the commercial-quality emerald lots put up for auction, Gemfields’ latest auction indicated a softening in demand for the material in some markets.

The company’s latest sale, held in Jaipur, India, from Sept. 26 to 29, included both predominantly commercial-quality rough emerald from the Kagem mine as well as higher-quality amethyst from the Kariba mine, both of which are located in Zambia.
The emerald auction saw revenues reach $10.7 million, resulting in $3.28 per carat for the auction mix offered.

With 3.27 million carats of the 4.05 million on the block selling, the auction was 81 percent sold by volume and 82 percent sold by value.

Gemfields’ last auction of commercial-quality emerald, held in Jaipur in May, was 76 percent sold by volume and 79 percent sold by value but saw revenues reach $14.3 million.

The mining company’s 23 auctions of material mined at Kagem since July 2009 have generated $437 million in revenues.

“While there is evidence of a softening in demand for some of the lower qualities in some markets, the overall average price per carat achieved was impacted by this auction not having the benefit of some of the larger-size, higher-quality gems that were placed on offer in our May 2016 auction,” Gemfields CEO Ian Harebottle said.

The Jaipur event also was used to auction off higher-quality amethyst from Kariba Minerals.

The auction put 13.6 million carats on the block, selling 11.6 million, or 86 percent by volume, and generating revenues of $400,000. It realized an overall average of approximately 4 cents per carat.

Gemfields has hosted only four rough amethyst auctions to date.

No beryl was placed on offer at this most recent sale.

The next Gemfields auction is slated for December in Singapore, comprised mostly of mixed-quality rough ruby from the Montepuez mine in Mozambique.

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