Gemfields Host their Largest Emerald and Beryl Rough Auction In Jaipur

Beryl Rough Auction In Jaipur Gemfields PLC announced the results of its first rough Emerald and Beryl Auction for 2010. The auction was held in Jaipur from 11 to 15 March 2010 and was orchestrated by Gemfields’ Product Director Adrian Banks. Around 25 companies from India attended the auction, highlighting the strengthening emerald market due to robust customer participation and product demand . The auction is the company’s largest auction to date in terms of both sales realised and weight sold.

The Jaipur 2010 auction saw 28.9 million carats of principally lower quality rough emeralds and beryl being offered in 56 separate lots. The lots ranged from approximately US$ 0.03 per carat to approximately US$ 38 per carat. Sales figures amounted to US$ 7.2 million, with 89 per cent (by value) of material sold, which is believed to be a world record in terms of the volume of Zambian emerald and beryl on offer by weight (with 5.78 tonnes of material on offer).

Marketing Initiatives for Zambian Emeralds:
Gemfields has started marketing initiatives for Zambian emeralds, which has resulted in emeralds (from Gemfields’ Kagem mine) being worn by Morgan Freeman at Hollywood’s Academy Awards in bespoke Nelson Mandela “46664” bracelets recently.

Ian Harebottle, CEO of Gemsfields, commented, “Gemfields is pleased to have delivered a successful auction at the start of the Indian IPL cricket season, demonstrating that the emerald pipeline from Zambia through to the end consumer is showing a steady increase in demand. Jaipur marked our first low grade auction and the improvement in market sentiment was palpable. We were particularly pleased to further cement our relationships with our various customers, laying the path for Zambian emeralds to take the lead in the supply of ethical gemstones of guaranteed provenance. The popularity of Zambian emeralds was reinforced by the bespoke 46664 Nelson Mandela bracelet worn by Morgan Freeman at this year’s Oscars.”

Next Auction in London :
The company expects to hold its next auction (a high quality auction) in London in June or July 2010.