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Friday, July 30, 2010

Gemfields raises $7.5M in Emerald Auction


Gemfields said it achieved the highest auction revenues to date from its latest event in London, raising $7.5 million as prices per carat was up 83 percent from the previous auction of higher quality material held in November.

Gemfields is a mining, cutting and distribution company for emeralds specifically from the Kagem emerald mine. It is setting up a system to bring what it is defines as “ethically produced, conflict-free gemstones of certified provenance directly from mine to market on an integrated basis.” Under the plan, Gemfields will develop a structured and consistent supply chain for retailers. The company aims to become a “supplier of choice,” by offering emeralds that are natural and organic (meaning untreated or with treatments approved by international norms and fully disclosed). The emeralds being direct from a single source, along with other provisions in the sourcing and distribution of these emeralds, will guarantee that the gemstones are conflict free and mined in a socially and environmentally responsible manner. The entire supply chain from mine to market will be “completely traceable and certified,” the company said.

The auction, held July 19-23, saw 850,000 carats offered to 37 companies from India, Israel, Germany and the United States with 8000,000 million carats sold.

“We are pleased with the positive response we have received at the recent auction, giving a clear indication that demand for our emeralds is growing,” said Adrian Banks, Gemfields product director. “All indications are that the market for emeralds is likely to continue to grow at a considerable pace, supported by strong Asian and worldwide demand, and into the foreseeable future.”

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