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Rough emeralds mined at Gemfield's Kagem's mine in Zambia.



  Gemfields rough emerald auction in Singapore raises $26.2 million


April 13, 2012


Gemstone miner Gemfields has reported that a rough emerald auction it held in late March in Singapore raised $26.2 million. The firm, which has a strong focus on Zambian emeralds, said it was the third auction of the current financial year which ends on June 30, and a total of $68.9 million had been raised in the sales.

The company sold 690,000 carats of the 770,000 offered for sale, with 29 of the 32 companies attending the auction placing bids. The stones were mostly medium to higher-quality rough emeralds.

A Singapore auction held in July 2011 of mostly better quality stones resulted in a yield of $42.71 per carat.

Last week's auction saw an average price of $38.25 per carat which showed "a quality-for-quality increase of some 46 per cent over the 15 month period and provides a clear indication of robust growth in both achievable prices and demand for emeralds in general, and ethical emeralds in particular," the company said.

Gemfields' next auction of largely lower-quality rough emeralds is due to take place in June 2012 in Jaipur, India's leading gemstones center.

The miner's main asset is the 75 percent-owned Kagem emerald mine in Zambia, which is the world's largest emerald mine.

Gemfields has a 50 percent stake in the Kariba amethyst mine in Zambia, and also owns a controlling stake in a highly prospective ruby deposit in Mozambique, and licences in Madagascar including ruby, emerald and sapphires deposits.

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