adminLUSAKA. — Zambia’s main emerald producer is to hold another local auction next month, which becomes the third local auctioning of the green gem this year since the government’s decision to ban foreign sales of the green stones, a statement released by the company and obtained by Xinhua yesterday said.
Kagem Mining Limited intends to hold its auction of commercial and lower quality rough stones in Lusaka, the Zambian capital, between November 11 and 15.
The company, which is 75 percent owned by London-listed Gemfields Plc, with the Zambian government holding the remaining shares, says it expects to attract leading buyers of precious gems from around the world during the week-long auction. Ian Harebottle, Gemfields Chief Executive Officer, said the company was committed to holding local auctions and reiterated the desire to make Zambia an important hub on an international circuit of auctions.
“As with the two prior auctions, the forthcoming auction will be held under the supervision of nominated Zambian government representatives. Gemfields and Kagem are at the forefront of developing the international market for Zambian emeralds by investing in proprietary global sales, distribution and marketing platforms in order to develop a competitive and reliable source of ethically produced gemstones that buyers have full confidence in,” he said. The company raised US$15,2 million during its initial auction in April this year and a further US$31,5 million dollars from a second auction of higher quality emeralds in July.
The company commenced a formal auction program for its Zambian emeralds in 2009 and has to date held 13 auctions which have generated revenues totalling US$207,2 million dollars, the official added. In March this year, the Zambian government banned the selling of its gemstones abroad, a move it said was meant to protect the country from unscrupulous buyers and keep the gem wealth in the country. Kagem Mine, located in Lufwanyama district on the Copperbelt Province, is the biggest producer of emerald in Zambia and accounts for 50 percent of production. — Xinhua.
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