Incorporated in Guernsey.
Guernsey registration Number: 47656
South
African external company registration number
2009/012636/10
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code on JSE: GML / AIM: GEM
ISIN:
GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Auction Results - Commercial Quality
Emeralds
LONDON, 25 MARCH 2024
Gemfields is pleased to announce the
results of an auction comprised of commercial quality rough
emeralds held during the period 5 - 22 March 2024.
Highlights: March 2024 - Commercial Quality Emerald
Auction
·
Total auction revenues of USD 17.1
million
·
43 lots were offered for sale, of which 40 were
sold (93%)
·
Average price of USD 4.45 per carat
·
The 47 auctions of Kagem gemstones held since July
2009 have generated USD 1,006 million in total revenues, reaching
the USD 1 billion mark
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.
Adrian Banks, Gemfields' Managing
Director of Product & Sales, commented:
"We are pleased to conclude another successful Kagem auction,
demonstrating that the commercial-quality emerald market remains in
good shape and prices achieved are broadly in line with the
September 2023 commercial-quality auction. This auction offering
included large quantities of lower-quality emeralds which would
normally be sold to smaller manufacturers in Jaipur via our Direct
Sales channel. These parcels accounted for 55% of the auction by
weight, resulting in the lower overall dollar-per-carat figure
realised at this auction. The three unsold lots were also not
typical auction grades, being one large cluster of low-quality
crystals and two lots of 'Fines' comprised of small-size
material.
"We now look forward to our next higher-quality emerald and
mixed-quality ruby auctions to be held in Bangkok over May and June
2024."
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 and 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 (COMMERCIAL
QUALITY)
|
Mar-Apr '22
AUCTION
|
Aug-Sep '22 AUCTION
|
Mar '23 AUCTION
|
Aug-Sep '23 AUCTION
|
Mar '24
AUCTION
|
|
Dates
|
15 Mar - 1 Apr
2022
|
31 Aug - 19 Sept
2022
|
6 - 24 Mar
2023
|
29 Aug - 15 Sept
2023
|
5 - 22 Mar
2024
|
|
Location
|
Jaipur, India / Online
|
Jaipur, India / Online
|
Jaipur, India / Online
|
Jaipur, India / Online
|
Jaipur, India / Online
|
|
Type
|
Commercial Quality
|
Commercial Quality
|
Commercial Quality
|
Commercial Quality
|
Commercial Quality
|
|
Carats offered
|
4.52 million
|
3.75 million
|
3.15 million
|
3.39 million
|
4.17
million
|
|
Carats sold
|
4.52 million
|
3.65 million
|
2.97 million
|
3.39 million
|
3.85
million
|
|
No. of companies
placing bids
|
56
|
44
|
45
|
50
|
50
|
|
No. of lots
offered
|
32
|
34
|
29
|
43
|
43
|
|
No. of lots
sold
|
32
|
33
|
25
|
43
|
40
|
|
Percentage of lots
sold
|
100%
|
97%
|
86%
|
100%
|
93%
|
|
Percentage of lots
sold by weight
|
100%
|
97%
|
95%
|
100%
|
92%
|
|
Total sales realised at
auction
|
USD 42.3
million
|
USD 32.9
million
|
USD 21.2
million
|
USD 25.5
million
|
USD 17.1
million
|
|
Average per carat sales value
|
USD
9.37/carat
|
USD
9.01/carat
|
USD
7.13/carat
|
USD
7.51/carat
|
USD
4.45/carat
|
-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
(AIM) & BROKER
|
Liberum
Scott Mathieson / John More / Anake Singh
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
|
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INSTAGRAM
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| FACEBOOK
| TWITTER | YOUTUBE
KAGEM
MINING LINKEDIN
MONTEPUEZ
RUBY MINING LINKEDIN