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: Higher-Quality
Emeralds
LONDON,
31 MAY 2024
- Total auction revenues of USD 35.0
million
- 46 lots were offered for sale of
which 43 were sold (93%)
- Average price of USD 167.51 per
carat
- The 48 auctions of Kagem gemstones
held since July 2009 have generated USD 1,041 million in total
revenues
Adrian Banks,
Gemfields’ Managing Director of Product & Sales,
commented:
“We are
very pleased to report robust auction results despite slightly
softer market conditions. Today’s result demonstrates that both
demand and willingness to pay premium prices for fine-quality
Zambian emeralds remain at healthy levels. The overall price per
carat for the lots sold echoes the record figure achieved in
Kagem’s preceding high quality auction of May 2023. It should
however be noted that today’s figure has been skewed by the fact
that two of the unsold lots were among the lower qualities offered
at the auction.
“We now
look forward to our forthcoming mixed-quality ruby auction in
June 2024 and the next commercial-quality emerald auction in
September 2024.”
The
auction lots were made available for private, in-person viewings by
customers in Bangkok. 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
Higher-Quality Kagem auctions are summarised in the table below
(and earlier results are available at www.gemfieldsgroup.com):
|
AUCTION RESULTS (HIGHER
QUALITY)
|
Nov-Dec '21
AUCTION
(5 sequential
mini-auctions)
|
May '22
AUCTION
(5 sequential
mini-auctions)
|
Nov '22
AUCTION (5 sequential
mini-auctions)
|
May-Jun '23 AUCTION
(5 sequential mini-auctions)
|
May '24
AUCTION
(5 sequential
mini-auctions)
|
|
Dates
|
1 Nov -
6 Dec 2021
|
9 - 26 May
2022
|
30 Oct - 17 Nov 2022
|
15 May - 1 Jun 2023
|
13 - 30 May 2024
|
|
Location
|
Various /
Online
|
Bangkok /
Online
|
Bangkok /
Online
|
Bangkok /
Online
|
Bangkok / Online
|
|
Type
|
Higher
Quality
|
Higher
Quality
|
Higher
Quality
|
Higher
Quality
|
Higher
Quality
|
|
Carats offered
|
250,764
|
277,775
|
426,180
|
264,132
|
240,000
|
|
Carats sold
|
250,764
|
277,775
|
401,180
|
264,132
|
208,990
|
|
No. of companies
placing bids
|
58
|
62
|
50
|
69
|
60
|
|
No. of lots
offered
|
32
|
38
|
37
|
35
|
46
|
|
No. of lots
sold
|
32
|
38
|
34
|
35
|
43
|
|
Percentage of lots
sold
|
100%
|
100%
|
92%
|
100%
|
93%
|
|
Percentage of lots
sold by weight
|
100%
|
100%
|
94%
|
100%
|
87%
|
|
Total sales realised at
auction
|
USD 37.8
million
|
USD 43.3
million
|
USD 30.8
million
|
USD 43.7
million
|
USD 35.0
million
|
|
Average per carat sales value
|
USD
150.65/carat
|
USD
155.90/carat
|
USD
*
76.78/carat
|
USD
165.55/carat
|
USD
167.51/carat
|
* Includes the 37kg 'Kafubu
Cluster', which comprised 44% of the weight offered at the
auction.
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.
-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 / Charlie Dingwall
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
FABERGE
FABERGƒ.COM
| INSTAGRAM
| FACEBOOK
| TWITTER | YOUTUBE
KAGEM
MINING LINKEDIN
MONTEPUEZ
RUBY MINING LINKEDIN