Gemfields Receives Positive Auction Results In India


Gemfields PLC Thursday said its auction of traded rough emeralds in India has provided strong revenues and showed improving market conditions.

The rare coloured gemstones mining company with operations in Zambia said it made gross revenues of USD8.5 million at the Jaipur auction after selling 145,952 carats worth of stones.

Gemfields also said that its gems were sold at an average realised price of USD58 per carat, which is the highest average price achieved at any Gemfields auction and represented upbeat market conditions and higher quality emeralds being produced.

On October 3 the company announced that the Zambian Ministry of Mines asked the company to host its gem auctions related to its 75% owned Kagem Mining Limited, in Zambia rather than abroad, causing significant disruption to its sales plans and leading to only one auction being carried out in the second half of the financial year.

The company said it is in discussions with the Government of Zambia to find a better selling strategy for its gems.

Gemfields shares were up 4.0% to 26.00 pence in early trading Thursday.