Gemfields set a new record by achieving $43 million at its emerald auction, comprising a series of five sequential mini-auctions held during the period 9 to 26 May 2022.
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 one special piece.
Product and sales managing director Adrian Banks says Kagem’s second auction of this year has again been “hotly contested, reaffirming the remarkable levels of demand prevailing in the emerald and ruby markets”.
He adds that the auction marked the first time in history that a sizeable emerald auction was hosted in Bangkok, Thailand.
The auction lots were made available for in-person and private viewings by customers in Bangkok, Thailand. Following the viewings, the bidding took place via an online auction platform specifically adapted for Gemfields which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
As a result of the auction, Kagem’s first half auction revenues now total $85.7-million, which compares with the $92.3-million obtained from all auctions in 2021, “highlighting the step-change being experienced in the market”, said Banks.
08-06-2022
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