REG - Gemfields Group Ltd - Auction Results - Commercial Quality Emeralds

GemfieldsAnnouncement

25/03/2024 07:15

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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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