Gemfields plc held its fifth auction in Lusaka since April 2013, from 5 to 8 August 2014, in which it offered predominantly lower quality rough emerald and beryl. The auction generated a substantial success rate by marking the second highest level of revenues achieved at any lower quality auction.

The sale valued USD 15.5 million, in which 12.1 million carats offered, 11.6 million carats were sold.

This was the first Gemfileds auction held in the current financial year (ending 30 June 2015). Twenty-one companies attended and bid.

Ian Harebottle, CEO of Gemfields, commented: "Gemfields has now completed five successful auctions in Zambia, all during the last seventeen months. We were pleased to see a significant quantity of our low grade beryl sold at this auction, something we have not seen at auction since November 2011. Excluding the effect of this material, we set a new record unit price of USD 3.61 per carat for our lower quality auctions, underlining yet again how robust demand remains for our Zambian emeralds.”

The sale included 1.5 tonnes of low grade beryl and no beryl was sold in the prior three lower quality auctions. Overall price realised was USD 1.34 per carat including the sale of low grade beryl.

The auction saw 12.1 million carats of emerald and beryl extracted from Kagem placed on offer, with 17 of the 21 lots offered being sold. “The role played by Zambian emeralds in the international market has never been more important and we remain delighted that they are the emerald of choice for so many. We will seek to further expand their reach with our determined marketing initiatives and by seeking a wider client base internationally, including our new audience of rough ruby buying clients,” Ian Harebottle added.