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Gemfields generates US$33.1M revenue from emerald, amethyst auctions

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Gemfields generates US$33.1M revenue from emerald, amethyst auctions

Gemfields Plcsaid April 4 that it earned revenues of US$33.1 million from its auction of predominantlyhigher quality rough emerald extracted by 75% subsidiary Kagem Mining Ltd. and higher quality amethyst from 50% subsidiaryKariba Minerals Ltd. inZambia.

The emerald auction fetched a record US$70.68 per carat withsales of 84% of the total 558,000 carats offered.

The average realized price for the amethyst auction was US$3.26per carat, with sales of 70% of the 9.4 million carats offered.

Gemfields' next auction is expected to take place in May in Jaipur,India, and is anticipated to comprise lower quality emerald and beryl from the Kagememerald mine in Zambia, the company said.