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Emerald Auction Results
Gemfields Group Limited
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")
Emerald Auction Results
LONDON, 12 AUGUST 2021
Gemfields is pleased to announce the results of an auction of predominantly commercial quality
rough emeralds held from 28 July to 11 August 2021. The emeralds were extracted by Kagem
Mining Ltd in Zambia (“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.
Highlights – Emerald Auction
• Auction revenues of USD 23.1 million, a new all-time record for commercial quality
emerald auctions
• Of the 32 lots offered, 31 were sold (97%)
• Average price of USD 6.61 per carat, a new all-time record for commercial quality emerald
auctions
• 97% of the carats offered were sold
• The 38 auctions of Kagem gemstones held since July 2009 have generated USD 712
million in total revenues
The auction saw 49 companies placing bids, generating total revenues of USD 23.1 million with an
overall average value of USD 6.61 per carat. The auction saw 97% of the offered carats being sold
(and also 97% of the number of lots offered).
Gemfields’ 38 auctions of emeralds and beryl mined at Kagem since July 2009 have now generated
USD 712 million in total revenues. The results of the five most recent commercial quality Kagem
auctions are summarised in the table below (and earlier results are available at
AUCTION
RESULTS Jul-Aug ‘18 Feb ‘19 Aug ‘19 Feb ‘20 Jul-Aug ‘21
(COMMERCIAL AUCTION AUCTION AUCTION AUCTION AUCTION
QUALITY)
Dates 30 Jul – 2 18-20 Feb 19-22 Aug 18-21 Feb 28 Jul – 11
Aug 2019 2019 2020 Aug
2018 2021
Location Lusaka, Lusaka, Lusaka, Lusaka, Online
Zambia Zambia Zambia Zambia Auction
Type Commercial Commercial Commercial Commercial Commercial
Quality Quality Quality Quality Quality
Carats offered 2.89 million 4.15 million 10.68 4.49 million 3.59 million
million (*)
Carats sold 2.59 million 2.46 million 3.92 million 2.86 million 3.50 million
No. of companies 22 24 34 29 49
placing bids
Average no. of 6 5 6 6 14
bids per lot
No. of lots 21 23 35 25 32
offered
No. of lots sold 17 16 26 19 31
Percentage of lots 81% 70% 74% 76% 97%
sold
Percentage of lots 90% 59% 37% (*) 64% 97%
sold by weight
Total sales USD 10.9 USD 10.8 USD 18.6 USD 11.5 USD 23.1
realised at auction million million million million million
Average per carat USD USD USD USD USD
sales value 4.21/carat 4.39/carat 4.75/carat 4.01/carat 6.61/carat
(*) Unlike the other auctions tabulated above, August 2019 included beryl. The single lot
of beryl (of 5 million carats) was unsold.
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:
“Our most recent auction of commercial quality emeralds generated the most fervent bidding
activity we’ve seen in the last decade. Multiple new records were set for this auction category
including the highest ever auction revenue (at USD 23.1 million), the highest ever average price
per carat achieved (at USD 6.61 per carat) and the highest number of companies participating in
the bidding. We’ve witnessed a step-change in both market demand and in the prices bid by our
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
companysecretary@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Mark Lawrie
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
SEDIBELO SALE PROCESS Liberum
Nehal Patel
T: +44(0) 20 3100 2222
NOMINATED ADVISER finnCap
(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 / Nick Hennis
T: +44(0) 20 3757 4980
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading supplier of responsibly sourced 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 licenses 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, advancing the wider group’s “mine and market” vision.
Gemfields has developed a proprietary grading system and a pioneering auction and trading
platform to provide a consistent supply of coloured gemstones to downstream markets, a key
component of Gemfields’ business model and 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
Date: 12-08-2021 08:00:00
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