Gemfields (LON:GEM) chief executive Ian Harebottle said he was delighted with the company’s Singapore rough emerald and beryl auction, which brought in US$26.8 million in revenues.
A total of 925,000 carats were offered and the majority, 902,000, were sold with 35 of the 37 companies in attendance placing bids.
The company achieved a price of US$29.71 per carat for the ethically stones output from its Kagem property in Zambia.
This was lower than the US$38.25 per carat achieved at its last Singapore auction, though the “mix and character” of the gems on offer this time around was “somewhat different”.
Importantly, the group said it detected a “pleasing increase” in carat prices on what it called a quality-for-quality basis.
Gemfields has staged 11 auctions since July 2009, which have generated sales of US$160.5 million.
Harebottle said: "Gemfields is delighted with the results of the Singapore auction announced today.
“The figures provide further evidence that the general global economic uncertainty has not affected the achievable per carat emerald rough prices on a quality-for-quality basis.
“The higher quality material is often regarded as a store of value in times of uncertainty and we remain confident in the long term value of these gemstones, the consistency of global demand and our ability to ensure a stable supply of high-quality ethically sourced emeralds from our Kagem mine in Zambia.
“During the coming year we will also begin to focus on new marketing initiatives aimed at increasing the market visibility and profile of emeralds, rubies and other premium coloured gems.
“We look forward to adding the sale of rough rubies from the Montepuez ruby mine in Mozambique to our auctions in 2013."