JOHANNESBURG (miningweekly.com) – Coloured-gemstones mining and marketing company Gemfields on Tuesday reported a gross revenue of $13.5-million after selling 268 000 ct of emeralds at auction.

The revenue from this latest auction, which took place from April 28 to May 2, in Jaipur, India, was 59% higher than that of the prior auction in September last year.

The Jaipur auction yielded an overall average value of $50/ct. While this was lower than the $58/ct realised in the September auction, the composition of the two auctions was considerably different given variations in the qualities available in the open market, Gemfields explained.

"Gemfields’ second standalone auction of traded rough emeralds 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 are 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 favourable market conditions and [a] 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,” Gemfields CEO Ian Harebottle commented.

He pointed out that sales of rough emerald and beryl during the current financial year had now reached $109.9-million.

Gemfields’ next auction of mined rough emeralds and beryl was scheduled to take place in Lusaka, Zambia, during the second half of 2014. The auction of predominantly lower-quality emerald and beryl would be made up only of material mined, processed, graded and owned by the company’s Zambian Kagem operation.

Meanwhile, Gemfields’ first auction of rough rubies and corundum from its 75%-owned Montepuez ruby deposit, in Mozambique, was scheduled to take place in Singapore in mid-June.