Record auction results for Gemfields
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It’s amazing how momentum works for and against companies. When times are good, the happy news just seems to keep on coming. Conversely, when times are bad, it seems like every SENS announcement is another reason to grab the tissue box.
Gemfields is firmly in the former category, with an exceptional rebound after Covid and a core business that seems to be doing very well.
In more good news, another record auction has been achieved for emeralds from the Kagem mine in Zambia. Gemfields owns 75% of this mine and the other 25% is held by the Industrial Development Corporation of Zambia.
Of the 32 lots offered, all 32 were sold. This raised auction revenues of USD42.3 million. The previous high was USD23.1 million achieving in the auction in August 2021.
Encouragingly, the average price per carat of USD9.37 was also a record, so there is a strong underpin of price and volume.
There were 56 companies placing bids in this auction, almost double the level seen around two years ago just before the pandemic hit.
Since July 2009, 40 auctions of Kagem gemstones have generated USD792 million in total revenues.
The Gemfields share price is up more than 20% this year and has increased by a huge 150% in the past year. Over 5 years, the share is down 9.5%. It makes for quite a share price chart.
