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Gemfields Group Ltd - London-headquartered gemstones supplier - Announces it generated $42.3 million in revenue from its recent all-time record auction. The auction of predominantly commercial quality rough emeralds was held in Jaipur, India, from March 15 to April 1. The auction saw 56 companies placing bids, generating all-time record revenues of $42.3 million with an overall average value of $9.37 per carat. The auction saw 100% of the offered carats and number of lots being sold.
The emeralds were extracted by Kagem Mining Ltd in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corp of Zambia. The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Zambian government being paid on the full sales prices achieved at the auction.
Johannesburg stock price close: R 3.60
12-month change: More than double from R 1.45 on April 6
London stock price close: 18.00 pence
12-month change: More than double from 7.00p on April 6
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