Gemfields Garners Highest-Ever Emerald Sales

RAPAPORT... Gemfields recorded its highest auction revenue for emeralds from its Kagem mine in Zambia since it started selling in 2009.The company saw revenue of $43.3 million from a series of five mini-auctions between May 9 and 26, with all lots finding buyers, it said last week. The sales took place in Thailand, a first for Gemfields. The miner sold 278,000 carats of emeralds at an average price of $156 per carat, a record per-carat price, it noted. That compared to $151 per carat at the previous set of emerald auctions in November and December 2021, when the miner sold the 7,252-carat Chipembele. The recent sale comprised higher-quality emeralds as well as one "special piece," the company explained.Proceeds for the first half of 2022 came to $85.7 million, nearly reaching the total of $92.3 million the company achieved for the full year of 2021."Kagem's second auction of 2022 has again been hotly contested, reaffirming the remarkable levels of demand prevailing in the emerald and ruby markets," said Adrian Banks, managing director of products and sales at Gemfields. "The auction set new records for both the highest revenue and the highest average price per carat achieved at any of our 41 Kagem auctions since July 2009...highlighting the step change being experienced in the market."Image: Emeralds from the Kagem mine. (Gemfields)