Gemfields plc has announced the results of its four day auction from last week (July 11-15), held in Singapore, offering rough emeralds, primarily those of superior quality.
Thirty nine companies were invited to attend the auction, with thirty eight of these placing bids for the material on offer. The auction saw 1.07 million carats mined by Gemfields placed on offer, with 0.74 million carats being sold and generating record auction sales of $31.6m.
|A Gemfields corporate video showing emeralds from mine
to Hollywood catwalk
When compared with the higher quality auction held in December 2010, per carat prices showed a 63% increase from USD 26.2 per carat to USD 42.7 per carat.
This provides a clear indication of robust growth in both prices and demand for emeralds in general, and Gemfields ethical emeralds (sourced from Zambia) in particular.
This was the company's first auction of the current financial year. In total the seven auctions held since July 2009 have generated $87.5m. Ian Harebottle, CEO of Gemfields, commented:
"Gemfields is delighted to announce record sales from its most recent auction. The results are testament to the Company's ongoing focus on marketing to both consumers and retailers, and the quality and consistency of the emeralds produced at Kagem.
"Our team and industry partners are working harder than ever to deliver on our vision of ensuring that coloured gemstones are recognised and appreciated alongside diamonds and other luxury goods.
"Gemfields continues to deliver on the promises we've made to our clients, consumers and shareholders."
The results will be of great interest to those with high quality jewellery, as there is likely to be a correlation between the value of such jewellery and high quality rough gemstones. An average sale rate of $42.71/carat is impressive.
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