Wrap Text
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, 7 DECEMBER 2021
Gemfields is pleased to announce the results of an emerald auction comprising a series of five
sequential mini-auctions held during the period 1 November – 6 December 2021. The auction
contained a selection of grades that are typically offered at Kagem Mining Ltd’s (“Kagem”)
auctions of higher quality emeralds as well as a selection of special pieces. The auction lots were
made available for in-person and private viewings by customers in Dubai and 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.
Highlights – November & December 2021 Emerald Auction
- Total auction revenues of USD 37.8 million, an all-time record for Kagem auctions
- All 32 lots offered were sold (100%)
- Average price of USD 150.65 per carat, an all-time record for Kagem auctions
- 100% of the carats offered were sold
- Record calendar-year auction revenues for Kagem of USD 92.3 million
- The 39 auctions of Kagem gemstones held since July 2009 have generated USD 749.7
million in total revenues
The auction saw 58 companies placing bids and generating total revenues of USD 37.8 million with
an overall average value of USD 150.65 per carat, a new record. The auction saw 100% of the
offered carats sold. Gemfields’ 39 auctions of emeralds and beryl mined at Kagem since July 2009
Gemfields Group Limited, Royal Chambers, St Julian’s Avenue, St Peter Port, GY1 4HP, Guernsey
T +44 (0)1481 731 554
gemfieldsgroup.com
have generated USD 749.7 million in total revenues.
Chipembele, the 7,525 carat ‘rhino emerald’ unveiled to the world by Gemfields on 8 November
2021 was won by longstanding Kagem customer Eshed - Gemstar. Chipembele carries unique
DNA nanoparticle tagging, developed by Gübelin Gem Labs, ensuring that the resulting cut and
polished gems can be identified and certified as having originated from this extraordinary gemstone
and therefore from the Kagem emerald mine in Zambia. Eshed - Gemstar also won an ultra-fine
935 carat emerald crystal which is expected to yield notable gems.
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 Nov-Dec ‘20 Mar-Apr ‘21 Nov-Dec ‘21
RESULTS AUCTION AUCTION AUCTION
May ‘19 Nov ‘19
(HIGHER (5 sequential (5 sequential (5 sequential
AUCTION AUCTION
QUALITY) mini- mini- mini-
auctions) auctions) auctions)
14-17 May 18-21 Nov 2 Nov – 15 Mar – 1 Nov –
Dates
2019 2019 11 Dec 2020 17 Apr 2021 6 Dec 2021
Various/ Various/ Various/
Location Singapore Singapore
Online Online Online
Higher Higher Higher Higher Higher
Type
Quality Quality Quality Quality Quality
Carats
0.43 million 0.36 million 0.23 million 0.273 million 0.251 million
offered
Carats sold 0.31 million 0.32 million 0.18 million 0.271 million 0.251 million
No. of
companies 45 48 47 59 58
placing bids
Average no.
of bids per 8 9 11 18 20
lot
No. of lots
35 38 28 37 32
offered
No. of lots
28 33 24 36 32
sold
Percentage
80% 87% 86% 97% 100%
of lots sold
Percentage
of lots sold 72% 88% 80% 99% 100%
by weight
Total sales
USD 22.4 USD 27.2 USD 10.9 USD 31.4 USD 37.8
realised at
million million million million million
auction
Average per
USD USD USD 59.84 / USD 115.59 USD 150.65
carat sales
71.85/carat 85.26/carat carat / carat / carat
value
Gemfields Group Limited
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.
In addition to the 32 schedules tabulated above, a mineral specimen containing approximately 100
emerald crystals set in host-rock was also offered at the auction. Known as the “Goliath” mineral
specimen, it was mined at Kagem in 2010 and weighs some 33 kilograms. As a result of the level
of host-rock content it is not included in the tabulation or auction results above. Goliath was not
sold at the auction.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:
“Our end-of-year emerald auction has been one of the most hotly contested auctions in Kagem’s history. As a result,
the auction set new records for both the highest revenue and the highest average price per carat achieved at any Kagem
auction. We congratulate Eshed - Gemstar on winning Chipembele, ‘the rhino emerald’, a magnificent 7,525 carat
emerald crystal mined at Kagem on 13 July 2021. The auction result again underscores the step-change in both
market demand and in the prices bid by our clients, aided by tightened supply stemming from the one-year suspension
of operations at Kagem, the world’s largest emerald mine, due to the Covid-19 pandemic. We look forward immensely
to monitoring developments in 2022.”
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 Group Limited
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 Limited
(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
Gemfields Group Limited
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: 07-12-2021 09:00:00
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