TIDMGEM
RNS Number : 7254M
Gemfields Group Limited
18 September 2023
Incorporated in Guernsey. Guernsey registration Number:
47656.
South African external company registration number
2009/012636/10
Share code on JSE:GML / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Auction Results - Commercial Quality Emeralds
LONDON, 18 SEPTEMBER 2023
Gemfields is pleased to announce the results of an auction
comprised of commercial quality rough emeralds held during the
period 29 August - 15 September 2023.
Highlights: August/September 2023 - Commercial Quality Emerald
Auction
-- Total auction revenues of USD 25.5 million
-- 43 lots were offered for sale, of which all 43 were sold (100%)
-- Average price of USD 7.51 per carat
-- The 46 auctions of Kagem gemstones held since July 2009 have
generated USD 989.4 million in total revenues
The specific auction mix and the quality of the lots offered at
each auction vary in characteristics such as size, colour and
clarity on account of variations in mined production and market
demand. Therefore, the results of each auction are not always
directly comparable. This most recent auction offering of
commercial quality emeralds contained a higher than usual
proportion of lower value grades.
Adrian Banks, Gemfields' Managing Director of Product &
Sales, commented:
"We are very pleased indeed to see yet another set of auction
results that demonstrate that the emerald market remains in
excellent shape and wish our auction partners much success during
this important tradeshow season.
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. Therefore, this auction of commercial
quality emeralds marked the third and final Kagem auction of 2023,
bringing Kagem's total auction revenues for 2023 to USD 90 million.
That represents Kagem's third best auction year ever, with 2021
yielding USD 92.3 and 2022 having been an exuberant standout at USD
149 million."
The auction lots were made available for private, in-person
viewings by customers in Jaipur. Following the viewings, the
auctions took place via an online auction platform specifically
adapted for Gemfields, which permitted customers from multiple
jurisdictions to participate in a sealed-bid process.
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 this auction will be fully
repatriated to Kagem in Zambia, with all royalties due to the
Government of the Republic of Zambia being paid on the full sales
prices achieved at the auction.
The results of the five most recent commercial-quality Kagem
auctions are summarised in the table below (and earlier results are
available at www.gemfieldsgroup.com ):
AUCTION RESULTS Jul-Aug Mar-Apr Aug-Sep Mar '23 Aug-Sep
(COMMERCIAL '21 '22 '22 AUCTION AUCTION '23 AUCTION
QUALITY) AUCTION AUCTION
Dates 28 Jul - 15 Mar - 31 Aug - 6 - 24 Mar 29 Aug -
11 Aug 2021 1 Apr 2022 19 Sept 2022 2023 15 Sept 2023
------------- -------------- -------------- -------------- --------------
Location Online Jaipur, India Jaipur, India Jaipur, India Jaipur, India
Auction / Online / Online / Online / Online
------------- -------------- -------------- -------------- --------------
Type Commercial Commercial Commercial Commercial Commercial
Quality Quality Quality Quality Quality
------------- -------------- -------------- -------------- --------------
Carats offered 3.59 million 4.52 million 3.75 million 3.15 million 3.39 million
------------- -------------- -------------- -------------- --------------
Carats sold 3.50 million 4.52 million 3.65 million 2.97 million 3.39 million
------------- -------------- -------------- -------------- --------------
No. of companies
placing bids 49 56 44 45 50
------------- -------------- -------------- -------------- --------------
No. of lots
offered 32 32 34 29 43
------------- -------------- -------------- -------------- --------------
No. of lots
sold 31 32 33 25 43
------------- -------------- -------------- -------------- --------------
Percentage
of lots sold 97% 100% 97% 86% 100%
------------- -------------- -------------- -------------- --------------
Percentage
of lots sold
by weight 97% 100% 97% 95% 100%
------------- -------------- -------------- -------------- --------------
Total sales USD 23.1 USD 42.3 USD 32.9 USD 21.2 USD 25.5
realised at million million million million million
auction
------------- -------------- -------------- -------------- --------------
Average per USD USD USD USD USD
carat sales 6.61 /carat 9.37/carat 9.01/carat 7.13/carat 7.51/carat
value
------------- -------------- -------------- -------------- --------------
-ENDS-
Further information on Gemfields Group Limited can be found
at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which
forms part of domestic UK law pursuant to the European Union
(withdrawal) act 2018 ("MAR").
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Ian
Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
-------------------------------------
NOMINATED ADVISER Cavendish Capital Markets Limited
(AIM) & JOINT BROKER Christopher Raggett / Tim Redfern
/ Edward Whiley
T: +44(0) 20 7220 0500
-------------------------------------
JOINT BROKER Liberum
Scott Mathieson / Kane Collings
T: +44(0) 20 3100 2222
-------------------------------------
FINANCIAL PR/ IR Camarco
Gordon Poole / Emily Hall
T: +44(0) 20 3757 4980
-------------------------------------
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading responsible miner and marketer of
coloured gemstones. Gemfields is the operator and 75% owner of both
the Kagem emerald mine in Zambia (believed to be the world's single
largest producing emerald mine) and the Montepuez ruby mine in
Mozambique (one of the most significant recently discovered ruby
deposits in the world). In addition, Gemfields also holds
controlling interests in various other gemstone mining and
prospecting licences in Zambia, Mozambique, Ethiopia and
Madagascar.
Gemfields' outright ownership of Fabergé - an iconic and
prestigious brand of exceptional heritage - enables Gemfields to
optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group's
"mine and market" vision.
Gemfields has developed a proprietary grading system and a
pioneering auction platform to provide a consistent supply of
coloured gemstones to downstream markets, a key component of
Gemfields' business model that has played an important role in the
growth of the global coloured gemstone sector.
GEMFIELDS
GEMFIELDS.COM | INVESTORS | FOUNDATION
INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
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