Gemfields
www.gemfields.co.uk
www.gemfields.co.uk
Gemfields is one of the world´s leading coloured gemstone companies. With a strong focus on Zambian emeralds, Gemfields mines, processes and markets both rough and polished gemstones internationally. Gemfields prides itself on its unique ability to bring ethically produced, conflict-free gemstones of certified provenance directly from mine to market on an integrated basis.
In order to support and influence the entire channel from mine to market, Gemfields is in the process of setting up state-of-the-art Cutting and Polishing facilities with cutting-edge technologies and will offer consumers vast quantities of emeralds in calibrated sizes, high precision and special cuts and large collections of Suites, Pairs, matching earring sets. We will also venture into co-branding projects with large, reputed retailers, most notably the company has acquired a worldwide exclusive 15 year licence to use the Fabergé brand name for coloured Gemstones
All RNS Press Releases
Gemfields plc
("Gemfields" or the "Company")
Results of Jaipur Rough Emerald and Beryl Auction
30 November 2011
Gemfields plc (AIM: "GEM") is pleased to announce the results of its auction of
(predominantly lower quality) rough emeralds and beryl held in Jaipur, India,
from 21-25 November 2011.
Highlights
- Record revenues of USD 11.0 million for an auction of 9.8 million carats of
lower quality rough mined by Gemfields at the Kagem mine (versus USD 9.9
million for 12.98 million carats from the previous lower quality emerald
auction in March 2011)
- Five months into the current financial year (ending 30 June 2012), Gemfields
has, from two auctions, already exceeded the prior financial year's total
annual revenues (of USD 40.2 million) by USD 2.4 million
- A 46% increase (from USD 0.77 per carat to USD 1.12 per carat) in realised
quality-for-quality per carat prices since March 2011
- Eight auctions held since July 2009 have generated revenues totalling USD 98.5
million
- Auction results underscore continuing robust global demand for Gemfields'
ethical Zambian emeralds
- Next auction of (predominantly higher quality) rough emeralds is scheduled for
March 2012
Gemfields held an auction of (predominantly lower quality) rough emeralds in
Jaipur, India, from 21 to 25 November 2011. Thirty eight companies were
invited to attend the auction, with twenty seven of these placing bids for the
material on offer. The auction saw 10.8 million carats of rough emeralds mined
by Gemfields placed on offer, with 9.8 million carats being sold, generating
record sales of USD 11.0 million for an auction of rough emeralds of this
quality bracket.
When compared with the last lower quality auction held in March 2011, average
quality-for-quality per carat prices showed a 46% increase from USD 0.77 per
carat to USD 1.12 per carat. This further underscores the robust growth in both
prices and demand for emeralds in general, and for Gemfields' ethical emeralds
in particular.
This was the first auction of lower quality material during the current
financial year, the only other auction in this financial year having been the
higher quality auction held in Singapore in July 2011. These two auctions have
generated combined sales of USD 42.6 million, already exceeding last year's
total annual revenues of USD 40.2 million by USD 2.4 million. The eight
auctions held since July 2009 have generated USD 98.5 million in aggregate
revenues.
The results of the three lower quality rough emerald and beryl auctions held to
date are summarised below:
AUCTION RESULTS (LOWER MARCH '10 MARCH '11 NOVEMBER '11
QUALITY) AUCTION AUCTION AUCTION
Dates 11-15 March 10-14 March 21-25
2010 2011 November 2011
Location Jaipur, India Jaipur, India Jaipur, India
Type Lower Quality Lower Quality Lower Quality
Carats offered 28.90 million 16.83 million 10.83 million
Carats Sold 22.80 million 12.98 million 9.82 million
No. of companies placing 25 44 27
bids
Average no. of bids per 8 14 9
lot
No. of lots offered 56 35 26
No. of lots sold 49 34 19
Percentage of lots sold 88% 97% 73%
Percentage of lots sold 78.9% 77% 91%
by weight
Percentage of lots sold 89% 99% 80%
by value
Total sales realised at USD 7.2 USD 9.9 USD 11.0
auction million million million
Average per carat sales USD 0.31 per USD 0.77 per USD 1.12 per
value carat carat carat
Note: a larger volume of material was placed on offer in
March 2010 following Gemfields extensive
inventory building exercise during 2008 and 2009.
The Jaipur auction was also used as a platform to further trial the sale of
rough emerald and beryl acquired or made available to the market from other
sources of supply (i.e. not certified as having been mined by Gemfields, and
therefore referred to as "Traded Material"), a trial which began at the
Singapore auction in July 2011. None of this material is included in the table
or data presented above. The Traded Material offered at the Jaipur auction
comprised of other rough emerald and beryl from both Brazil and Zambia, and
bids in respect of these goods were accepted until 28 November 2011. Interest
levels in, and sales volumes of, Traded Material increased markedly when
compared with the July 2011 Singapore auction. However, while Traded Material
is an important strategic objective of the Company in the longer-term to
support Gemfields' aim of becoming the premier supplier of rough coloured
gemstones to the downstream markets, the present income accruing to Gemfields
from Traded Material remains immaterial in the context of Gemfields' own
production. The Company will continue to refine and evolve the opportunities of
selling rough from other sources of supply.
Gemfields' next auction of (predominantly higher quality) rough emeralds is
scheduled for March 2012. The results of the five higher quality rough emerald
auctions held to date are summarised below:
AUCTION RESULTS JULY '09 NOVEMBER '09 JULY '10 DECEMBER '10
(HIGHER QUALITY) AUCTION AUCTION AUCTION AUCTION JULY '11
AUCTION
Dates 20-24 Jul 23-27 Nov 19-23 Jul 6-10 Dec 2010 11-15 Jul
2009 2009 2010 2011
Location London, UK Johannesburg, London, UK Johannesburg, Singapore
SA SA
Type Higher Higher Higher Higher Higher
Quality Quality Quality Quality Quality
Carats offered 1.36 1.12 million 0.85 0.87 million 1.07
million million million
Carats Sold 1.36 1.09 million 0.80 0.75 million 0.74
million million million
No. of companies 23 19 37 32 38
placing bids
Average no. of bids per 10 13 18 16 16
lot
No. of lots offered 27 19 27 19 25
No. of lots sold 26 14 24 18 18
Percentage of lots sold 96% 74% 89% 95% 72%
Percentage of lots sold 99.8% 97.2% 94.2% 86% 69%
by weight
Percentage of lots sold 82% 76% 87% 99% 91%
by value
Total sales realised at USD 5.9 USD 5.6 USD 7.5 USD 19.6 USD 31.6
auction million million million million million
Average per carat sales USD 4.40/ USD 5.10/ USD 9.35/ USD 26.20/ USD 42.71/
value carat carat carat carat carat
Ian Harebottle, CEO of Gemfields, commented:
"Gemfields is yet again delighted to announce robust sales from our most recent
auction of rough emeralds from our Kagem emerald mine in Zambia. We are
particularly pleased with the fact that today's results have once again beaten
the previous record set in March's lower quality rough auction. The revenues of
USD 42.6 million generated from our last two auctions have now exceeded the
revenues from our entire prior financial year, demonstrating the continued
rising demand for Gemfields' rough emeralds and beryl.
Our integrated approach combines industry-leading performance in three core
areas: mining, consistency of gemstone quality and volumes of supply, and
pioneering coloured gemstone marketing and promotion to both consumers and
retailers alike. With each auction it becomes increasingly clear that our team
and our industry partners are making significant progress in delivering on our
vision of ensuring that coloured gemstones take their place alongside diamonds
and other luxury goods"
Enquiries:
Dev Shetty, CFO
dev.shetty@gemfields.co.uk
Gemfields Plc Tel: +44 (0)20 7518 3402
Tarica Mpinga/Andrew Chubb Tel: +44 (0)20 7050 6500
Canaccord Genuity Limited
Neil Passmore Tel: +44 (0)20 7155 8630
JP Morgan Cazenove
Jos Simson/Lydia Eades Tel: +44 (0)20 7920 3150
Tavistock Communications
END
RNS Release - Results of Jaipur Rough Emerald and Beryl Auction
Gemfields plc
("Gemfields" or the "Company")
Results of Jaipur Rough Emerald and Beryl Auction
30 November 2011
Gemfields plc (AIM: "GEM") is pleased to announce the results of its auction of
(predominantly lower quality) rough emeralds and beryl held in Jaipur, India,
from 21-25 November 2011.
Highlights
- Record revenues of USD 11.0 million for an auction of 9.8 million carats of
lower quality rough mined by Gemfields at the Kagem mine (versus USD 9.9
million for 12.98 million carats from the previous lower quality emerald
auction in March 2011)
- Five months into the current financial year (ending 30 June 2012), Gemfields
has, from two auctions, already exceeded the prior financial year's total
annual revenues (of USD 40.2 million) by USD 2.4 million
- A 46% increase (from USD 0.77 per carat to USD 1.12 per carat) in realised
quality-for-quality per carat prices since March 2011
- Eight auctions held since July 2009 have generated revenues totalling USD 98.5
million
- Auction results underscore continuing robust global demand for Gemfields'
ethical Zambian emeralds
- Next auction of (predominantly higher quality) rough emeralds is scheduled for
March 2012
Gemfields held an auction of (predominantly lower quality) rough emeralds in
Jaipur, India, from 21 to 25 November 2011. Thirty eight companies were
invited to attend the auction, with twenty seven of these placing bids for the
material on offer. The auction saw 10.8 million carats of rough emeralds mined
by Gemfields placed on offer, with 9.8 million carats being sold, generating
record sales of USD 11.0 million for an auction of rough emeralds of this
quality bracket.
When compared with the last lower quality auction held in March 2011, average
quality-for-quality per carat prices showed a 46% increase from USD 0.77 per
carat to USD 1.12 per carat. This further underscores the robust growth in both
prices and demand for emeralds in general, and for Gemfields' ethical emeralds
in particular.
This was the first auction of lower quality material during the current
financial year, the only other auction in this financial year having been the
higher quality auction held in Singapore in July 2011. These two auctions have
generated combined sales of USD 42.6 million, already exceeding last year's
total annual revenues of USD 40.2 million by USD 2.4 million. The eight
auctions held since July 2009 have generated USD 98.5 million in aggregate
revenues.
The results of the three lower quality rough emerald and beryl auctions held to
date are summarised below:
AUCTION RESULTS (LOWER MARCH '10 MARCH '11 NOVEMBER '11
QUALITY) AUCTION AUCTION AUCTION
Dates 11-15 March 10-14 March 21-25
2010 2011 November 2011
Location Jaipur, India Jaipur, India Jaipur, India
Type Lower Quality Lower Quality Lower Quality
Carats offered 28.90 million 16.83 million 10.83 million
Carats Sold 22.80 million 12.98 million 9.82 million
No. of companies placing 25 44 27
bids
Average no. of bids per 8 14 9
lot
No. of lots offered 56 35 26
No. of lots sold 49 34 19
Percentage of lots sold 88% 97% 73%
Percentage of lots sold 78.9% 77% 91%
by weight
Percentage of lots sold 89% 99% 80%
by value
Total sales realised at USD 7.2 USD 9.9 USD 11.0
auction million million million
Average per carat sales USD 0.31 per USD 0.77 per USD 1.12 per
value carat carat carat
Note: a larger volume of material was placed on offer in
March 2010 following Gemfields extensive
inventory building exercise during 2008 and 2009.
The Jaipur auction was also used as a platform to further trial the sale of
rough emerald and beryl acquired or made available to the market from other
sources of supply (i.e. not certified as having been mined by Gemfields, and
therefore referred to as "Traded Material"), a trial which began at the
Singapore auction in July 2011. None of this material is included in the table
or data presented above. The Traded Material offered at the Jaipur auction
comprised of other rough emerald and beryl from both Brazil and Zambia, and
bids in respect of these goods were accepted until 28 November 2011. Interest
levels in, and sales volumes of, Traded Material increased markedly when
compared with the July 2011 Singapore auction. However, while Traded Material
is an important strategic objective of the Company in the longer-term to
support Gemfields' aim of becoming the premier supplier of rough coloured
gemstones to the downstream markets, the present income accruing to Gemfields
from Traded Material remains immaterial in the context of Gemfields' own
production. The Company will continue to refine and evolve the opportunities of
selling rough from other sources of supply.
Gemfields' next auction of (predominantly higher quality) rough emeralds is
scheduled for March 2012. The results of the five higher quality rough emerald
auctions held to date are summarised below:
AUCTION RESULTS JULY '09 NOVEMBER '09 JULY '10 DECEMBER '10
(HIGHER QUALITY) AUCTION AUCTION AUCTION AUCTION JULY '11
AUCTION
Dates 20-24 Jul 23-27 Nov 19-23 Jul 6-10 Dec 2010 11-15 Jul
2009 2009 2010 2011
Location London, UK Johannesburg, London, UK Johannesburg, Singapore
SA SA
Type Higher Higher Higher Higher Higher
Quality Quality Quality Quality Quality
Carats offered 1.36 1.12 million 0.85 0.87 million 1.07
million million million
Carats Sold 1.36 1.09 million 0.80 0.75 million 0.74
million million million
No. of companies 23 19 37 32 38
placing bids
Average no. of bids per 10 13 18 16 16
lot
No. of lots offered 27 19 27 19 25
No. of lots sold 26 14 24 18 18
Percentage of lots sold 96% 74% 89% 95% 72%
Percentage of lots sold 99.8% 97.2% 94.2% 86% 69%
by weight
Percentage of lots sold 82% 76% 87% 99% 91%
by value
Total sales realised at USD 5.9 USD 5.6 USD 7.5 USD 19.6 USD 31.6
auction million million million million million
Average per carat sales USD 4.40/ USD 5.10/ USD 9.35/ USD 26.20/ USD 42.71/
value carat carat carat carat carat
Ian Harebottle, CEO of Gemfields, commented:
"Gemfields is yet again delighted to announce robust sales from our most recent
auction of rough emeralds from our Kagem emerald mine in Zambia. We are
particularly pleased with the fact that today's results have once again beaten
the previous record set in March's lower quality rough auction. The revenues of
USD 42.6 million generated from our last two auctions have now exceeded the
revenues from our entire prior financial year, demonstrating the continued
rising demand for Gemfields' rough emeralds and beryl.
Our integrated approach combines industry-leading performance in three core
areas: mining, consistency of gemstone quality and volumes of supply, and
pioneering coloured gemstone marketing and promotion to both consumers and
retailers alike. With each auction it becomes increasingly clear that our team
and our industry partners are making significant progress in delivering on our
vision of ensuring that coloured gemstones take their place alongside diamonds
and other luxury goods"
Enquiries:
Dev Shetty, CFO
dev.shetty@gemfields.co.uk
Gemfields Plc Tel: +44 (0)20 7518 3402
Tarica Mpinga/Andrew Chubb Tel: +44 (0)20 7050 6500
Canaccord Genuity Limited
Neil Passmore Tel: +44 (0)20 7155 8630
JP Morgan Cazenove
Jos Simson/Lydia Eades Tel: +44 (0)20 7920 3150
Tavistock Communications
END
