Gemstone miner Gemfields' first emerald auction of this year generated revenue of $21.2-million.
"Gemfields' first auction of 2023 has yielded a sound outcome. While it is evident that the market has normalised appreciably following the exuberance we experienced in 2022, this auction delivered the third-highest price per carat that we've seen across our 21 auctions of commercial-quality emeralds from Kagem, a sign that the market remains in good shape," comments Gemfields product and sales MD Adrian Banks.
The rough emeralds sold were extracted by Kagem, which is 75%-owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
The proceeds of the auction will be fully repatriated to Kagem in Zambia, with all royalties due to the government being paid on the full sales prices achieved at the auction.
During the auction, 29 lots were put up for sale, with 25 of those lots sold.
An average price of $7.13/ct was achieved.