Gemfields has earned $31.4-million in revenue from a series of five sequential mini-auctions of emeralds produced at its 75%-owned Kagem mine, in Zambia.
The mini-auctions took place recently for two days.
The auctions contained a selection of grades that are typically offered at Kagem Mining auctions of higher quality emeralds.
Gemfields said 59 companies placed bids, with the mini auctions achieving an average value of $115.59/ct.
The rough emeralds sold at the auction were all extracted, before March 2020.
Operations at Kagem were suspended in March 2020 as a result of the Covid-19 pandemic and remained suspended until March 2021 to preserve cash during difficult market conditions.
It is expected that mining operations at Kagem will ramp back up to full scale by the end of this month.
Selected lots were made available for in-person and private viewings by customers in Tel Aviv, Dubai and Jaipur.
Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
"This was Kagem's highest auction revenue since March 2016 and we were very pleased to see such strong demand and pricing," said Gemfields products and sales managing director Adrian Banks.
"Because operations were suspended at Kagem in March 2020, the world's largest emerald mine produced no new emeralds for more than a year."
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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