Zambia Raises $1.89 Million in Emerald Auction

Zambia Raises $1.89 Million in Emerald Auction

From Post Zambia

Zambia earned a total of US$1.89 million from the auctioning of emeralds done last week, mines minister Christopher Yaluma has said. Gemfields Plc, which owns 75 per cent of Kagem Mining Limited, Zambia’s biggest emerald producer, last week held its local auctioning of high grade emeralds, attracting 37 foreign companies.

“The auction was amongst the most successful auctions that the company has ever sold,” Yaluma told journalists in Lusaka.

Gemfields sold 583,448 carats of the rough stones at its first high-quality emerald auction in Lusaka, raking in US$31.5 million. The company realised an average price of US$54 per carat, its highest in an auction.

“As a country, we have also earned US$1.89 million in mineral royalty from this auction,” Yaluma disclosed.

In April, the government directed that all auctioning of emeralds mined in the country be held in Zambia as their sale in foreign markets contributes to capital flight. Gemfields, which changed the venue to Lusaka for an auction that was initially planned for Singapore, was selling the green stones from Kagem mine outside the country until the government directive came into force.

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