Gemfields Jaipur Auction of Emeralds Raises $13.5M
May 07, 14
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The emeralds sold were predominantly of higher quality from Zambia and Brazil obtained by Gemfields in the open market from various sources. The average price per carat was $50 and of the 41 lots offered, 21 were sold.
"Healthy market conditions underpinned robust prices for the higher quality emeralds offered" the firm said.
A total of 40 companies attended and placed bids at the auction. The auction featured 764,000 carats of emeralds, with 268,000 carats (representing the majority of the value offered) being sold.
Although the average value per carat of $50 was lower than the $58 per carat realized at the firm's September 2013 auction, the composition of the two auctions was considerably different given variations in the qualities available in the open market, Gemfields said in a statement.
"The specific auction mix and the quality characteristics of the lots offered at the traded auction can vary quite considerably from those auctions made up solely of lots derived from Kagem’s mined production. As a result, direct comparisons between traded auctions and Kagem auctions cannot be reliably drawn."
Gemfields’ next auction of mined rough emeralds and beryl is scheduled to take place in Lusaka, Zambia, during the second half of this year. The auction, of predominantly lower quality emerald and beryl, will be made up only of material mined, processed, graded and owned by Kagem.
Gemfields’ first auction of rough rubies and corundum from its 75 percent-owned Montepuez ruby deposit in Mozambique is scheduled to take place in Singapore in mid-June.
Gemfields CEO Ian Harebottle commented: "Gemfields’ second standalone auction of traded rough emeralds, again held in Jaipur, demonstrates considerable growth in our vision of being able to deliver gems from various sources to our valued customers within the framework of our transparent and well proven auctions.
"We’re pleased with the auction revenue of $13.5 million which saw increased bidder numbers as well as significant growth in both the quantity of emeralds offered and sold. Thanks to favorable market conditions and strong demand for higher quality emeralds, we have generated another solid trading profit and it was pleasing to see the contribution made by Brazilian emeralds. We will continue the expansion of our international trading and sourcing activities accordingly.
"Sales during the current financial year of rough emerald and beryl have now reached $109.9 million and we look forward to our first auction of rough rubies and corundum in Singapore in June 2014 from our Mozambique operations."