KAGEM Emerald Mine generated US$17.1 million from the auction of emeralds in March, hitting the US$1 billion mark in terms of revenue generated from the 47 auctions held since 2009.
Gemfields Group Limited, a British mining conglomerate, holds a 75 percent stake in Kagem, while the remaining 25 percent belongs to Government through the Industrial Development Corporation (IDC).
Auction results posted on the Gemfields website indicate 43 lots were offered for the sale of commercial quality rough emeralds for the March auction, of which 40 were sold at an average price of US$4.45 per carat.
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.
