Massive emerald cluster sets new record at Gemfields auction

Massive emerald cluster sets new record at Gemfields auction

The Kafubu Cluster was found at the Kagem emerald mine in Zambia in March 2020. (Image courtesy of Gemfields.)

Africa-focused Gemfields (LON: GEM) (JSE: GML) racked up $30.8 million in revenue from its latest emerald action, which included a massive cluster of emeralds weighing 187,775 carats (37,555 grams).

The Kafubu Cluster, discovered at its Kagem mine in Zambia in March 2020, set a new record as the most expensive single emerald item ever sold by Gemfields, the miner said without providing specifics.

“Our end-of-year emerald auction has delivered a pleasing and solid result despite a clear softening of both prices and sentiment when compared with the remarkable highs we enjoyed in May 2022,” Adrian Banks, managing director of product and sales, said. “This has been a record-shattering year for Kagem with an amazing $149 million in auction sales.”

The coloured gems producer said proceeds will be reinvested in Zambia, including royalties due to the country’s government, which has a 25% stake in Kagem.

Zambian emeralds tend to have a higher iron content than emeralds from other origins, which means they are less fragile. High iron content also means fewer surface-reaching fractures and less need for treatments and enhancements.

The 37.5 kg cluster set a record as the most expensive single emerald item ever sold by Gemfields. (Image courtesy of Gemfields.)

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