Gemfields said it recorded $15.2 million from a low quality auction of its emeralds and beryls that took place in Zambia last week.
The Zambian government recently banned the auctioning of all locally produced gemstones outside the country.
Gemfields, which used to conduct its auctions in India, said in a statement that it sold 6.3 million carats of emerald and beryl.
It had put 17.3 million carats on offer.
“Taking into account the prevailing uncertainty surrounding Gemfields’ future ability to freely sell emeralds outside of Zambia, Gemfields is generally satisfied with the results of its Lusaka auction,” said chief executive Ian Harebottle.
“The results were reasonable but probably not as optimal as they could have been. The figures provide further evidence that the general global economic uncertainty has not had a significant impact on demand for medium to better quality emeralds and beryl.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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