Auction highlights demand for Zambian emeralds

An auction of rough Zambian emeralds held in London by gemstone producer Gemfields raked in $7.5 million US.

The company says the auction’s results are evidence of growing demand for the emeralds from its Kagem mine, particularly among Asian buyers. It points to a consistent supply of rough as the reason for the upturn, along with marketing efforts to promote the stones. Thirty-seven companies based in India, Israel, Germany, and the United States attended the event.

“Gemfields has enjoyed a very good production quarter, a robust year, and a highly successful July 2010 auction,” said the company’s chief executive officer (CEO) Ian Harebottle. “The markets for diamonds and gemstones continue to show clear signs of recovery, with per carat prices received by Gemfields rising dramatically.”

Since July 2009, per carat prices have increased 83 per cent over the higher-quality material put on the block last November. More than $26 million US has been realized from four Gemfields auctions held in the last 13 months.