Feb 26 Gemfields Plc, producer of about
a fifth of the world's rough emeralds, said revenues from its
latest auction in Zambia were a record $36.5 million.
Shares of the company, owner of the luxury jewellery brand
Fabergé, rose as much as 3 percent in early trading.
Gemfields had been selling output from its flagship Kagem
mine around the world until the Zambian government said last
April that all emeralds mined in the country must be auctioned
The February auction of rough emeralds and beryl was the
fourth to be held in the Zambian capital Lusaka in the last 11
months. Gemfields has been lobbying the Zambian government to
extend its emerald auctions beyond the country.
The company said total revenue from rough emerald and beryl
sales in the financial year-to-date have reached $96.4 million.
It had reported a 42 percent fall in revenue for the year
ended June 30, 2013 as the Zambian government directive resulted
in a delay in holding the auctions.
In the latest auction, held between Feb. 21 and Feb. 25, the
average price was $59.31 per carat. Fifteen of 17 lots on offer
were sold, Gemfields said in a statement.
The miner said two more auctions were scheduled to take
place before the end of the financial year, including the
inaugural auction of rough rubies and corundum from the
Montepuez ruby deposit in Mozambique.
Having earlier risen nearly 3 percent, Gemfields' shares
were trading flat at 35.50 pence on the London Stock Exchange.