Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Generates $25.5 million in revenue from its third and final Kagem emerald auction this year, compared to $43.7 million at an auction in May-June. In May, revenue was $21.2 million. The latest auction was held during the period from August 29 to September 15. The rough emeralds sold were extracted by Kagem emerald mine in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corp of Zambia.
Gemfields says this emerald auction marks the third and final Kagem auction of 2023, bringing its total auction revenue for 2023 to $90 million, representing the third best auction year ever. In 2022, Kagem auction yielded $149 million and recorded $92.3 million in 2021. ‘Given the generally lower quality and quantity of emerald production at Kagem in recent months, we announced last week the withdrawal of our auction of higher quality emeralds originally scheduled for November 2023,’ says Adrian Banks, Gemfields’ managing director of product & sales.
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