May emerald auctions bring in over $43M for Gemfields

Gemfields raised $43.3 million in five mini auctions of emeralds from the Kagem mine in Zambia in May, media reported citing a company press release.
The auctions were held from 9 to 26 May in Bangkok hitting an all-time record revenue with all 38 lots sold to buyers, who were bidding via an online auction platform giving a possibility to take part in a sealed-bid process from multiple jurisdictions.
According to Adrian Banks, Managing Director at Gemfields, the auction set new records for both the highest revenue and the highest average carat price achieved since July 2009, highlighting the step-changes that are taking place in the market. He added that the auction was hotly contested, reaffirming the remarkable levels of demand prevailing in the emerald and ruby markets.
The revenue netted at this auction will go to Kagem in Zambia, while the Zambian government will be paid all the royalties due.
Gemfields, whose two key operating assets are Montepuez ruby mine in Mozambique and the Kagem emerald mine in Zambia, is highly dependent on auction revenue.
Gemfields positions itself as a world-leading supplier of responsibly sourced coloured gemstones specialising in emeralds mined from Zambia and rubies from Mozambique, and operating with transparency, legitimacy and integrity.