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Gemfields shifts emerald auction to Lusaka

03 july 2013

Gemfields said it will conduct an auction of its higher-grade rough emeralds in the Zambian capital, Lusaka between July 15 and 19.
This followed its failure to sell emeralds from Kagem mine in Singapore last month after the Zambian government blocked any exports of rough produced locally.
The delay resulted in lower auction revenues for Gemfields during the year to June 2013, as the group started a new financial year last Monday.
Gemfields accrued revenue of $42-million from two auctions during the fiscal year 2013, compared with $77.9-million realised in 2012 from four auctions.
“While we have received repeated assurances that there is no ban on overseas auctions, we have been asked by the Ministry of Mines to host an auction of higher-grade emeralds within Zambia as part of a consultative process,” said Gemfields chief executive Ian Harebottle.
He said they would continue to actively correspond with the mines ministry.
“[We] hope that solutions supporting the optimisation of Kagem's revenues and the continued growth of the wider Zambian emerald sector will be reached as soon as possible,” Harebottle said. Gemfields owns 75 percent of Kagem Mining while the Zambian government controls the remaining 25 percent stake.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished