Gemfields Group Ltd - London-headquartered gemstones supplier - Says its first emerald auction for 2023 generated revenue of $21.2 million at a sale that was held during March 6 to Friday, down 36% from $32.9 million on August 31 to September 19, 2022. From March 15 to April 1, 2022, emerald auction recorded $42.3 million in revenue.

The rough emeralds sold were extracted by Mozambique-based Kagem, which is 75% owned by Gemfields and 25% by the Industrial Development Corp of Zambia. ‘Gemfields’ first auction of 2023 has yielded a sound outcome. While it is evident that the market has normalised appreciably following the exuberance we experienced in 2022, this auction delivered the third highest price per carat that we’ve seen across our 21 auctions of commercial quality emeralds from Kagem, a sign that the market remains in good shape,’ says Adrian Banks, Gemfields Managing Director of Product & Sales.

Current stock price in London: 18.18 pence, up 2.4% on Monday

12-month change: down 4.3%

Current stock price in Johannesburg: R 4.00, up 3.6%

12-month change: up 14%

Copyright 2023 Alliance News Ltd. All Rights Reserved.