The proceeds will be fully repatriated to Kagem, with all royalties due to the Government of Zambia being paid on the full sales prices achieved at the auction.
Gemfields has announced the results of its auction of predominantly commercial quality rough emeralds held in Jaipur from March to April 1, 2022.
The emeralds were extracted by Kagem Mining Ltd in Zambia (Kagem is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.
Highlights – Emerald Auction
The auction saw 56 companies placing bids, generating all-time record revenues of $ 42.3 million, with an overall average value of $ 9.37 per carat, also an all-time record for Kagem commercial quality auctions. The auction saw 100% of the offered carats and number of lots being sold. Gemfields’s 40 auctions of emeralds and beryl mined at Kagem since July 2009 have now generated $ 792 million in total revenues.
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