Gemfields’ rough emerald auction in Singapore churns revenues worth USD 26.2 million

Gemfields plc churned revenues worth USD 26.2 million for its rough emerald auction held in Singapore recently. The mining company believes this auction underscores the continued strong growth in global demand for its ethical Zambian emeralds across all quality grades.

The auction was of predominantly medium to higher quality rough emeralds. It took place in Singapore, from 19 to 23 March 2012.

The auction saw 32 companies attending, of which 29 placed bids. There were 0.77 million carats of emeralds mined by Gemfields placed on offer, of which 0.69 million carats went down the hammer.

The resultant average prices achieved was USD 38.25 per carat, reflecting a 46 percent increase over the 15 month period in achievable quality-for-quality per carat prices.