Gemfields plc said an auction in Jaipur from April 28 to May 2 of rough emeralds generated revenues of $13.5 million, a 59-percent increase over the prior auction of traded emeralds held in September.
The emeralds sold were predominantly of higher quality from Zambia and Brazil obtained by Gemfields in the open market from various sources. The average price per carat was $50 and of the 41 lots offered, 21 were sold.
“Healthy market conditions underpinned robust prices for the higher quality emeralds offered” the firm said.
A total of 40 companies attended and placed bids at the auction. The auction featured 764,000 carats of emeralds, with 268,000 carats (representing the majority of the value offered) being sold.
Although the average value per carat of $50 was lower than the $58 per carat realized at the firm’s September 2013 auction, the composition of the two auctions was considerably different given variations in the qualities available in the open market, Gemfields said in a statement.
“The specific auction mix and the quality characteristics of the lots offered at the traded auction can vary quite considerably from those auctions made up solely of lots derived from Kagem’s mined production. As a result, direct comparisons between traded auctions and Kagem auctions cannot be reliably drawn.”