Gemfields Earns $13.5 Million at Emerald Auction

Rapaport reported yesterday that Gemfields plc (LSE:GEM) earned $13.5 million by auctioning 268,000 carats worth of emeralds in Jaipur. Of the 41 lots offered, 21 were sold.

As quoted in the market news:

Gemfields’ next auction of mined rough emeralds and beryl is scheduled to take place in Lusaka, Zambia during the second half of 2014. That auction will include  predominantly lower-quality emerald and beryl from the Kagem operation. Gemfields’ first auction of rough rubies and corundum from its Montepuez ruby deposit in Mozambique is scheduled to take place in Singapore in the middle of June.

Ian Harebottle, CEO of Gemfields, commented:

Gemfields’ second standalone auction of traded rough emeralds, again held in Jaipur, demonstrates considerable growth in our vision of being able to deliver gems from various sources to our valued customers within the framework of our transparent and well proven auctions.

Click here to read the full Rapaport report.