Gemfields, which has 75 percent ownership in Kagem Mine (25 percent owned by the government through ZCCM-IH), generated $15.5m off of sales of 11.6 million carats last week. This was company’s fifth auction in Zambia. There were 922kg of lower-grade emeralds and 1,500kg of beryl up for sale with 21 companies attending.
Last year, the government announced that all emeralds mined in Zambia should be auctioned within the country in order to promote transparency. The following chart shows revenues attained since the pronouncement:
Gemfields five auctions held in Lusaka have yielded total revenue of $115.1m.
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *