https://www.engineeringnews.co.za
Gemfields
Gemfields
gemfields

Gemfields’ latest emerald auction generates $25.5m in revenue

The rough emeralds sold were extracted by Kagem, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia

The rough emeralds sold were extracted by Kagem, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia

18th September 2023

By: Cameron Mackay

Creamer Media Senior Online Writer

     

Font size: - +

Gemstone producer Gemfields earned revenues of $25.5-million from its latest auction of commercial-quality rough emeralds recovered from the Kagem mine, in Zambia.

All 43 lots put on offer were sold, resulting in an average price of $7.51/ct.

“We are very pleased indeed to see yet another set of auction results that demonstrate that the emerald market remains in excellent shape and wish our auction partners much success during this important tradeshow season,” comments Gemfields product and sales MD Adrian Banks.

“Given the generally lower quality and quantity of emerald production at Kagem in recent months, we announced last week the withdrawal of our auction of higher-quality emeralds originally scheduled for November this year.

“Therefore, this auction of commercial-quality emeralds marked the third and final Kagem auction of 2023, bringing Kagem’s total auction revenues for this year to $90-million,” he adds.

Banks notes that this year has been Kagem’s third-best auction year ever, with 2021 having yielded $92.3-million in revenue and 2022 having been “an exuberant standout” with $ 149 million in revenue.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 
SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/04/2024)
26th April 2024 By: Martin Creamer
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.065 0.115s - 158pq - 2rq
Subscribe Now