Gemfields Auctions Off 5,655ct. Emerald

RAPAPORT... Gemfields has sold a 5,655-carat emerald to Indian gemstonespecialist Dia-Color for an undisclosed amount, the miner said Tuesday. Gemfields extracted the Inkalamu, or Lion Emerald, at itsKagem mine in Zambia last month. It was one of 26 lots it offered at its auction inSingapore last week, which fetched a combined $28.4 million from the sale of 420,000carats of rough Kagem emeralds. The entire auction achieved an average price of $68 percarat. Some 40 companies placed bids, with 77% of lots finding buyers versus 59%at the miner's previous sale in May. "The results of what was our first Singapore emerald auctionin more than three years clearly reflect the emerging recovery among our tradecustomers after a protracted period of difficulty," said Adrian Banks,Gemfields' managing director of products and sales. "The marked increases inthe percentage of carats and number of lots sold, combined with the uptick inper-carat price, bode well for further improvement in 2019." Image: The 5,655-carat Lion Emerald. (Gemfields)