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RNS Number : 1197I Gemfields Group Limited 25 March 2024
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 - Commercial Quality Emeralds
LONDON, 25 MARCH 2024
Gemfields is pleased to announce the results of an auction comprised of
commercial quality rough emeralds held during the period 5 - 22 March 2024.
Highlights: March 2024 - Commercial Quality Emerald Auction
· Total auction revenues of USD 17.1 million
· 43 lots were offered for sale, of which 40 were sold (93%)
· Average price of USD 4.45 per carat
· The 47 auctions of Kagem gemstones held since July 2009 have
generated USD 1,006 million in total revenues, reaching the USD 1 billion mark
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:
"We are pleased to conclude another successful Kagem auction, demonstrating
that the commercial-quality emerald market remains in good shape and prices
achieved are broadly in line with the September 2023 commercial-quality
auction. This auction offering included large quantities of lower-quality
emeralds which would normally be sold to smaller manufacturers in Jaipur via
our Direct Sales channel. These parcels accounted for 55% of the auction by
weight, resulting in the lower overall dollar-per-carat figure realised at
this auction. The three unsold lots were also not typical auction grades,
being one large cluster of low-quality crystals and two lots of 'Fines'
comprised of small-size material.
"We now look forward to our next higher-quality emerald and mixed-quality ruby
auctions to be held in Bangkok over May and June 2024."
The auction lots were made available for private, in-person viewings by
customers in 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.
The results of the five most recent commercial-quality Kagem auctions are
summarised in the table below (and earlier results are available at
www.gemfieldsgroup.com (http://www.gemfieldsgroup.com) ):
AUCTION RESULTS (COMMERCIAL QUALITY) Mar-Apr '22 Aug-Sep '22 AUCTION Mar '23 AUCTION Aug-Sep '23 AUCTION Mar '24
AUCTION AUCTION
Dates 15 Mar - 1 Apr 2022 31 Aug - 19 Sept 2022 6 - 24 Mar 2023 29 Aug - 15 Sept 2023 5 - 22 Mar 2024
Location Jaipur, India / Online Jaipur, India / Online Jaipur, India / Online Jaipur, India / Online Jaipur, India / Online
Type Commercial Quality Commercial Quality Commercial Quality Commercial Quality Commercial Quality
Carats offered 4.52 million 3.75 million 3.15 million 3.39 million 4.17 million
Carats sold 4.52 million 3.65 million 2.97 million 3.39 million 3.85 million
No. of companies placing bids 56 44 45 50 50
No. of lots offered 32 34 29 43 43
No. of lots sold 32 33 25 43 40
Percentage of lots sold 100% 97% 86% 100% 93%
Percentage of lots sold by weight 100% 97% 95% 100% 92%
Total sales realised at auction USD 42.3 USD 32.9 USD 21.2 USD 25.5 USD 17.1 million
million million million million
Average per carat sales value USD USD USD USD USD 4.45/carat
9.37/carat 9.01/carat 7.13/carat 7.51/carat
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM (http://WWW.GEMFIELDSGROUP.COM)
To join our investor mailing list, contact us on:
ir@gemfields.com (mailto:ir@gemfields.com)
For any press enquiries please contact us on:
gemfields@camarco.co.uk (mailto: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 (mailto:ir@gemfields.com)
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Liberum
(AIM) & BROKER
Scott Mathieson / John More / Anake Singh
T: +44(0) 20 3100 2222
FINANCIAL PR/ IR Camarco
Gordon Poole / Emily Hall
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 (https://gemfields.com/) (https://gemfields.com/) | INVESTORS
(https://www.gemfieldsgroup.com/) (https://www.gemfieldsgroup.com/)
|FOUNDATION (https://www.gemfieldsfoundation.org/)
INSTAGRAM (https://www.instagram.com/gemfields/)
(https://www.instagram.com/gemfields/) | FACEBOOK
(https://www.facebook.com/Gemfields/) (https://www.facebook.com/Gemfields/) |
TWITTER (https://twitter.com/GemfieldsLtd?lang=en)
(https://twitter.com/GemfieldsLtd?lang=en) | YOUTUBE
(https://www.youtube.com/channel/UCArCE0JFtakTP-tHq6v0KVg)
FABERGÉ
FABERGÉ.COM (https://www.faberge.com/) | INSTAGRAM
(https://www.instagram.com/officialfaberge/)
(https://www.instagram.com/officialfaberge/) | FACEBOOK
(https://www.facebook.com/OfficialFaberge)
(https://www.facebook.com/OfficialFaberge) | TWITTER
(https://twitter.com/OfficialFaberge) (https://twitter.com/OfficialFaberge) |
YOUTUBE (https://www.youtube.com/user/officialfaberge)
KAGEM MINING LINKEDIN (https://www.linkedin.com/company/kagem-mining-ltd)
MONTEPUEZ RUBY MINING LINKEDIN
(https://www.linkedin.com/company/montepuez-ruby-mining)
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