Emerald auctions and mining in Zambia

Pallinghurst Resources started making higher quality emerald using the nano-particle technology. A new emerald known as Gübelin has been prepared in Swiss gem laboratory that was first announced in April 2017 by the Gemfields.  The auction of such emerald was held in May 2018, in Kusaka, where at least 31 companies placed bids to buy these stones and the auction generated up to US dollar 10.3 million where the average price per carat was $59.55. Out of 17 emeralds offered in the auction 10 were sold. One of the gems was bought by the company from Jaipur in India, which was a collection of 3 stones comprising 37.5 carats.  

Zambia is one of the key emerald mining countries in the world. The other countries in are Zimbabwe, Brazil, Colombia and the US. The mining industry in Zambia is responsible for producing a number of different types of precious stones such as garnets, amethysts and beryls, and these are significant for the growth of the country.   

Zimbabwe is another key miner of emerald which has been producing emeralds from last 40 years, since the mines of Sandawana was discovered. These emeralds are mostly of high chromium content and smaller in size.  The Zambian emerald fetched up to US$200 million per year but the mining sector has been caught up in a number of controversies. 

Emerald and beryl auction was held in Jaipur, in India, in February 2018, where the total revenues generated from the sale of emeralds were up to 10.8 million US dollars.  Out of twenty-one precious stones - nineteen were sold with an average price of US$ 3.05 per carat. These were mined from Zambia’s Kagem Mining Ltd., which is 75 per cent owned by Gemfields (owned 100 per cent by the Pallinghurst). 

About 31 companies placed bids on these emeralds. Gemfields have generated up to US$506 million of revenues from twenty-seven auctions of Kagem emeralds, since 2009.  Another auction was held in May 2018, which garnered record price for these precious stones. 

Christie’s New York Magnificent Jewels sale offers a number of expensive gems and rare luxury items such as crafts, arts, painting and decorative objects. These auctions generate funds for philanthropic causes.  In June, the Magnificent Jewel Auction was held which featured jewels made up of diamonds and sapphires (yellow sapphires and emerald). 

Emerald sea shell jewelry was offered at the auction (of 1958) – which is a bracelet with sapphire, diamonds and emerald, and its estimated value is expected to be in the range of $50,000 - $70,000. 

Some of the Zimbabwean mines were idle from some years, and the Zimbabwe Mining Development Corporation invited 151 investors to the six mines owned by the state to design proper utilization of the resources.  There are more than 20 mines in the region but only a few are operational due to lack of resources. Some of the unexplored mines in Mozambique and South Africa are yet to be studied.  

To find out some more details about auctions and investment in precious stones, check 99 Alternative – (http://www.99alternatives.com).