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Gemfields hails another sparkling Jaipur auction

Published: 07:45 30 Sep 2016 BST

emeralds
Pictured is the finished article a cut emerald.

Gemfields PLC’s (LON:GEM) auction of emeralds and amethysts held in Jaipur this week raked in just over US$11mln.

It brings the running total from 23 sales in Indian city to US$437mln since 2009.

In all just over 4mln carats of commercial quality rough emeralds from Zambia’s Kagem mine went under the hammer.

Gemfields received US$10.7mln, or a ‘robust’ US$3.28 per carat.

It made an additional US$400,000 from higher quality amethysts from the Kariba mine, also in Zambia.

In all 81% of the stones offered were sold.

"Jaipur has yet again delivered a positive result in support of Gemfields' vision and reflecting the fact that the platform upon which the growth of the coloured gemstone sector is being built remains encouraging,” said Gemfields chief executive Ian Harebottle.

“While there is evidence of a softening in demand for some of the lower qualities in some markets, the overall average price per carat achieved was impacted on by this auction not having the benefit of some of the larger-size, higher quality gems that were placed on offer in our May auction.”

The next major sale will be held in Singapore in December.

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