November 20, 18 by Albert Robinson

(IDEX Online) – Gemfields has announced auction revenues of $28.4 million from a November 14-17 sale of higher quality rough emeralds held in Singapore. <?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>


The company recorded an average price of $68.03 per carat, with 40 companies placing bids and 74% of the goods offered being sold, a significant improvement on the results of the last such auction held last May.


The 30 auctions of goods from Kagem held since July 2009 have generated $556 million in total revenues.


The emeralds were extracted by Kagem Mining Ltd in Zambia which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.


The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the government of Zambia being paid on the full sales prices achieved at the auction.


“Kagem and Gemfields believe colored gemstones should be mined and marketed by championing three key values - legitimacy, transparency and integrity," commented Gemfields CEO Sean Gilbertson. "We also believe that Zambia should benefit equitably from its natural resources through the taxes we contribute to the government, the foreign exchange earnings we generate, increased local employment, and the social impact of our community projects.” ...

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