Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Generates USD35.0 million in revenue from an emerald auction that took place over May 13 to May 30, compared to USD43.7 million at an auction in May to June 2023. Says 46 lots were offered for sale at the latest auction, of which 43 were sold, and the average price was USD167.51 per carat. The rough emeralds sold were extracted by Kagem emerald mine in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corp of Zambia.

"We are very pleased to report robust auction results despite slightly softer market conditions," says Adrian Banks, the managing director of product & sales. "Today's result demonstrates that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels."

The upcoming mixed-quality ruby auction will be held in June and the next commercial-quality emerald auction is scheduled for September.

Current London stock price: 12.89 pence, up 1.1% on Friday afternoon

12-month change: down 13%

Johannesburg stock price: ZAR3.05, down 1.3%

12-month change: down 16%

By Artwell Dlamini, Alliance News reporter

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