Gemfields Emerald Auction Achieves $19M

RAPAPORT... Gemfields sold $18.6 million worth of emeralds at its Lusaka, Zambia auction in August, as the miner noted signs of recovery in the Indian market. "We are pleased that the...recovery in the emerald sectorfirst observed at our May...auction [has] continued to grow," Adrian Banks,Gemfields' managing director of product and sale, said last week. "The Indianmarket, which is particularly important when it comes to commercial-qualityemeralds, and which has been navigating challenging conditions for some time,appears to have turned the corner, and we hope will continue to go fromstrength to strength." The sales was the largest in the last two years achieved by the company for commercial-quality emeralds from its Kagem mine in Zambia. In total, 34 companies placed bids,the highest number of businesses that have participated in any of the miner'sauctions for similar-quality stones, Gemfields noted. A total of 74% of the lots on offer were sold at the Lusaka sale.To date, the company has garnered $608 million from 33 auctions ofcommercial-quality emeralds since 2009. Image: A rough emerald from the Kagem mine. (Gemfields)