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Gemfields Group ( (PLLHF) ) has shared an update.
Gemfields Group Limited reported a successful auction of higher-quality rough emeralds, generating total revenues of USD 32.0 million. All 38 lots offered were sold, with an average price of USD 160.78 per carat. This auction marks a positive turnaround following a challenging market period, with strong demand and robust prices achieved. The auction included the sale of an exceptional 11,685-carat gemstone named Imboo. The proceeds will be repatriated to Kagem in Zambia, with royalties paid to the Zambian government. The results reflect a recovery in the market and validate the company’s strategic decisions to resume mining operations at Kagem.
More about Gemfields Group
Gemfields is a leading global miner and marketer of colored gemstones, operating the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique. The company is known for its responsible mining practices and has developed a proprietary grading system and auction platform to ensure a consistent supply of colored gemstones to the market.
Learn more about PLLHF stock on TipRanks’ Stock Analysis page.