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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gemfields Group Limited | LSE:GEM | London | Ordinary Share | GG00BG0KTL52 | ORD USD0.00001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.125 | 1.08% | 11.75 | 11.50 | 12.00 | 11.75 | 11.625 | 11.625 | 10,213 | 09:28:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 341.11M | 56.78M | 0.0464 | 2.50 | 142.1M |
From Apr 2019 to Apr 2024
TIDMGEM
RNS Number : 2466X
Gemfields PLC
20 February 2017
Gemfields plc
("Gemfields" or "the Company")
Lusaka Emerald Auction Results
20 February 2017
Gemfields plc (AIM: GEM) is pleased to announce the results of its auction of predominantly higher quality rough emerald extracted by Kagem Mining Ltd (which is 75% owned by Gemfields and 25% by the Government of the Republic of Zambia) in Zambia.
The auction was held in Lusaka, Zambia from 13 - 17 February 2017 and the proceeds of this auction will be fully repatriated to Kagem Mining Ltd in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.
Highlights - Emerald Auction
-- Auction revenues of USD 22.3 million; -- Average per carat sales value of USD 63.61 - third highest to date;
-- 349,935 carats were sold (84% by weight and 95% by value) out of the 417,060 carats offered; and
-- 24 Kagem auctions held since July 2009 have generated USD 459 million in total revenues.
As a consequence of the new demonetisation programme implemented in India, the Company's emerald customers have experienced short term financial liquidity constraints. As a result, Gemfields decided to delay its auction scheduled for December 2016 until February 2017 and reduce the overall value and volume of carats offered for sale at the auction. The auction saw 417,060 carats of higher quality emerald extracted from Kagem placed on offer, with 349,935 carats being sold.
A total of 33 companies placed bids at the auction. 17 of the 19 lots offered were sold, generating auction revenues of USD 22.3 million. The auction realised a robust overall average value of USD 63.61 per carat.
The Company's 24 auctions of emeralds and beryl mined at Kagem since July 2009 have generated USD 459 million in total revenues.
The results of the six most recent higher quality Kagem auctions are summarised in the table below. Additional historic information regarding auctions of similar quality goods can be found in the 'Further Information' section of this announcement:
Hot Features
Premium
AUCTION RESULTS
(HIGHER QUALITY) JUL FEB NOV '14 SEP APR FEB
(5 most recent '13 '14 AUCTION '15 '16 '17
auctions) AUCTION AUCTION AUCTION AUCTION AUCTION
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
Dates 15-19 21-25 13-17 31 Aug-4 30 Mar-3 13-17
Jul Feb Nov 2014 Sep Apr Feb
2013 2014 2015 2016 2017
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
Location Lusaka Lusaka Lusaka Singapore Lusaka Lusaka
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
Type Higher Higher Higher Higher Higher Higher
Quality Quality Quality Quality Quality Quality
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
0.58 0.84 0.60 0.60 0.56 0.42
Carats offered million million million million million million
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
0.58 0.62 0.53 0.59 0.47 0.35
Carats Sold million million million million million million
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
No. of companies
placing bids 36 34 34 37 33 33
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
Average no.
of bids per
lot 8 13 12 11 9 7
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
No. of lots
offered 18 17 17 19 18 19
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
No. of lots
sold 18 15 16 18 16 17
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
Percentage
of lots sold 100% 88% 94% 95% 89% 89%
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
Percentage
of lots sold
by weight 100% 74% 89% 98% 84% 84%
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
Percentage
of lots sold
by value 100% 86% 89% 88% 94% 95%
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
Total sales USD USD USD 34.9 USD USD USD
realised 31.5 36.5 million 34.7 33.1 22.3
at auction million million million million million
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
Average per USD USD USD 65.89/carat USD USD USD
carat sales 54.00/carat 59.31/carat 58.42/carat 70.68/carat 63.61/carat
value
------------------- ------------- ------------- ---------------- ------------- ------------- -------------
The specific auction mix and the exact quality of the lots offered at each auction vary in characteristics such as volume, size, colour and clarity on account of variations in mined production and market demand. Each auction naturally contains a degree of variation in overall quality composition, which is typically reflected in the average per carat sales value and means that the results of each auction are not always directly comparable.
Next Auction
Gemfields' next emerald auction is expected to take place before the end of June 2017, comprising predominantly of commercial quality emeralds from the Kagem emerald mine in Zambia.
Ian Harebottle, CEO of Gemfields, commented:
"With 95% of the value of the emeralds offered being sold, and with positive responses received from all of the customers who managed to win some of the schedules placed on offer, we've achieve yet another excellent result in Lusaka. We were pleased with the average price obtained, which is the third highest average price achieved at an auction to date and a clear sign that the demand for coloured gemstone remains healthy. Notwithstanding the short term impact of the demonetisation policy in India, the long term outlook for the sector continues to be very encouraging. We thank our partners in the Zambian Government for their vision and support in building and internationalising the Zambian gemstone sector by promoting transparent and globally-competitive practices."
ENQUIRIES:
Gemfields jj.williams@gemfields.co.uk
+44 (0)20 7659
JJ Williams, Company Secretary 4965
Grant Thornton UK LLP
Nominated Adviser
Philip Secrett/Richard Tonthat/Jamie +44 (0)20 7383
Barklem 5100
J.P. Morgan Cazenove
Joint Broker
+44 (0)20 7742
Jamie Riddell / James Deal 4000
BMO Capital Markets Limited
Joint Broker
Jeff Couch/Neil Haycock/Tom Rider/Jenny +44 (0)20 7236
Wyllie 1010
Macquarie Capital (Europe) Limited
Joint Broker
Raj Khatri/Nick Stamp/Guy de +44 (0)20 3037
Freitas 2000
Tavistock
Jos Simson/Emily Fenton/Barnaby +44 (0)20 7920
Hayward 3150
Notes to Editors:
Gemfields plc is a leading supplier of responsibly sourced coloured gemstones and is quoted on the AIM market of the London Stock Exchange (ticker: GEM).
Gemfields is the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby deposit in Mozambique (one of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also holds a 50% interest in the Kariba amethyst mine in Zambia, as well as controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Colombia, Ethiopia, Madagascar and Sri Lanka.
Gemfields' outright ownership of the Fabergé brand - an iconic and prestigious brand of exceptional heritage - enables Gemfields to optimise positioning, perception and consumer awareness of coloured gemstones, advancing the Group's 'mine and market' vision.
Gemfields has developed a proprietary grading system and a pioneering auction and trading platform to provide a consistent supply of quality coloured gemstones to the global downstream markets. This is a key component of the Company's business model which the Directors believe has played an important role in the appropriate distribution and associated resurgence of the global coloured gemstone sector.
www.gemfields.co.uk
Further Information:
The results of earlier higher quality Kagem auctions are summarised below:
AUCTION RESULTS JUL NOV '09 JUL DEC JUL MAR '
(HIGHER QUALITY) '09 AUCTION '10 '10 '11 12 AUCTION NOV '12
(Earlier AUCTION AUCTION AUCTION AUCTION AUCTION
Auctions)
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
Dates 20-24 23-27 19-23 6-10 11-15 19-23 29 Oct
Jul Nov 2009 Jul Dec Jul Mar 2012 - 2 Nov
2009 2010 2010 2011 2012
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
Location London, Johannesburg, London, Johannesburg, Singapore Singapore Singapore
UK SA UK SA
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
Type Higher Higher Higher Higher Higher Higher Higher
Quality Quality Quality Quality Quality Quality Quality
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
1.36 1.12 0.85 0.87 1.07 0.77 0.93
Carats offered million million million million million million million
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
1.36 1.09 0.80 0.75 0.74 0.69 0.90
Carats Sold million million million million million million million
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
No. of companies
placing bids 23 19 37 32 38 29 35
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
Average no.
of bids per
lot 10 13 18 16 16 11 11
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
No. of lots
offered 27 19 27 19 25 23 19
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
No. of lots
sold 26 14 24 18 18 20 16
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
Percentage
of lots sold 96% 74% 89% 95% 72% 87% 84%
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
Percentage
of lots sold
by weight 99.8% 97% 94% 86% 69% 89% 98%
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
Percentage
of lots sold
by value 82% 76% 79% 98% 77% 94% 90%
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
Total sales USD USD 5.6 USD USD USD USD 26.2 USD 26.8
realised 5.9 million 7.5 19.6 31.6 million million
at auction million million million million
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
Average per USD USD USD USD USD USD USD
carat sales 4.40/carat 5.10/carat 9.35/carat 26.20/carat 42.71/carat 38.25/carat 29.71/carat
value
------------------ ----------- -------------- ----------- -------------- ------------ ------------ ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSFWESUFWSEIE
(END) Dow Jones Newswires
February 20, 2017 02:00 ET (07:00 GMT)
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