Emeralds

US$28.4 million in foreign exchange earnings has been raised from an auction of high-quality Zambian emeralds including the exceptionally rare 5,655 carat Inkalamu emerald held in Singapore last week.

The sale of gemstones from the Kagem mine in Lufwanyama was witnessed by Permanent Secretary in the Ministry of Mines and Minerals Development Paul Chanda along with other officials from the Ministry, Zambia Revenue Authority and the Chief Executive Officer of the Industrial Development Corporation Mateyo Kaluba.

Sean Gilbertson, Chief Executive Officer of Kagem and Gemfields, which owns 75% of the mine in partnership with the Zambian government through the Industrial Development Corporation which owns 25% confirmed that all of the proceeds from the auction will be repatriated back to Zambia.

And Gemfields’ Managing Director of Product and Sales Adrian Banks said the auction saw 40 companies placing bids and generating total revenues of US$28.4 million with an overall average value of US$68.03 per carat.

Mr. Banks said improved liquidity in the trade customers resulted in 74% of the offered carats being sold, versus 56% in the last auction of higher quality emeralds held in Lusaka in May 2018.

“Of the number of lots offered, 77% were sold (versus 59% in the May 2018 auction). Gemfields’ 30 auctions of emeralds and beryl mined at Kagem since July 2009 have generated USD 556 million in total revenues”, Mr. Banks added.

He said the results of what was the company’s first Singapore emerald auction in more than three years clearly reflect the emerging recovery among their trade customers after a protracted period of difficulty.

Mr. Banks said the main focus of attention was the Inkalamu – Lion – emerald, a rare 5,655 carat emerald that shows remarkable clarity and a perfectly balanced golden green colour, which attracted international media attention on discovery last month which was purchased at the auction by Rajkumar and Rishabh Tongya of Dia-Color, specialists in high-value gems.

The gemstone was discovered in the eastern part of Kagem’s open-pit mine on October 2nd 2018 by geologist Debapriya Rakshit and veteran emerald miner Richard Kapeta, who has more than a decade of experience mining Zambian emeralds for the Gemfields group.

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27 COMMENTS

  1. We are not poor, our minds are… if not guarded even that raised money might go missing!

    Africa is not poor, it’s people are! We are king and queens who have no idea of their worth!

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    • Develop Lufwanyama! Schools, Hospitals, Roads and Recreation for miners children. I guess the families that live there don’t know that they are entitled to development.

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  2. What’s 25% of $28.4 million …really laughable…Sata was a smart man when he said auctions should be held in Zambia.

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    • On that 25% deduct the already incurred costs of the delegation from Min of Mines and IDC that went to witness the auction!!

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    • Correct …. Botswana has done that. They were bleeding auctioning their diamonds in foreign land. Now they are auctioning in Gaborone and raising more money.

      We are a clever people, can we bring the auctioning of our own metals in Zambia?

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    • @Dr. Chonya, I said that and someone told me we can’t bring the auction or sale to Zambia because we don’t produce anything? Double minded chaps now “a laughable matter!”!

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  3. Who’s going to benefit from that $28.5 million? Lungu has already 30% shares in that amount!!!!!

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  4. The point is what’s 25% of that amount US$28. Why mentioning alarming figures eeehh cakuti cakuti million US$ alah. That 25% is ored finished by the delegation which went there.
    Why can’t someone explain to us how that money is going to benefit a poor Zambian. Eeeeh million dollars million dollars what de f..k p’c sh..t is that to hell with yo dollars. Bring back our emerald!!

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  5. If those auctions are carried out in Zambia , the foreign earnings would far exceed that paltry $28 million….our hotels and tourist destinations would get a huge boost….

    Pleas Mr Lungu, reverse you directive and hold all emerald auction’s in Zambia…

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  6. These are cooked up figures, that inkalamu emerald alone could have fetched up to 100m USD. These thieves have no shame. This auction was supposed to be here in Zambia so that investors come and see and probably invest even more money in partnership with the locals running small mines. As it stands no one knows the truth apart from these mechants of death.

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    • Someone gets paid nicely to agree to have the auctions outside Zambia…..all corrupt in leading to statehouse.

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  7. Honestly speaking , this thing of mining the stones out of Zambia n auctioning them in a foreign land does not make sense. Auction them in Zambia n you’ll might even improve the tourist volume.

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  8. It seems loose change for a world record 1kg emerald? Nothing under the table at all? Time and accounting will tell, e.g. by comparison of resale values after the exported rough gem is cut into hundreds of pieces outside Zambia and sold for a huge profit we will never benefit from. And we laugh at Botswana because they appear dull ka

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  9. “…..Sean Gilbertson, Chief Executive Officer of Kagem and Gemfields, which owns 75% …………confirmed that all of the proceeds from the auction will be repatriated back to Zambia.”

    No no no….

    look at this white person trying to dupe us…….

    we want the whole auctions to be help in Zambia so we benifit in all sectores, be it hospitality , travel, touarisim that comes with the auctions ……

    sorry mate you ain’t duping everyone.

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  10. Just for security alone to guard those emeralds, gemfileds paid close to a million

    Why shouldn’t a Zambian security company or the Zambia army be paid that money to guard the stones ??,
    Why are hotels in Singapore benifitting from Zambian stones from the guests , Why can’t our hotels fill up for a week or 2 with those buyers ? Why should Singapore airports be and tourist sites be getting a boost from Zambia emeralds , Why not Zambian airports and tourist sites ???

    We don’t think people in PF think in that capacity.

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  11. They dupe us by telling us that holding the auctions in Zambia will not generate the volumes, we say those are our God given wealth to mother zambia, then we shall follow the Botswana model of local diamond industry….

    Nationalise the thing…….by now we should be having hundreds of local Zambian local stone cutters artisians and Zambian experts …..but nothing…..instead foreigners are benefiting in other countries while the the sons of the soil , our unemployed children are given black mountain , rubbish dump sites to scavenge a living, some getting burried alive trying to scrounge amoung the waiste dumps…..

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  12. At the other side of kagem you find armed Senegalese and armed Chinese searching Zambian emerald minners as if theirs is not their own country……big emeralds richers beyond our immagination from those smaller mines only appear in foreign countries as undeclared loot……looted while the they enrich a few , looted while the few enriched pay our unemployed sons and brothers to demonstrate against so called
    ” xenophobia ”
    The few enriched are paying our unemployed to demonstrate and March and shout out loud…

    ” come , come , Zambia is for the taking ,…Come one , come all , never mind them, teach them your language ”

    Shame mother zambia….

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    • Shame, armed Senegalese and Chinese searching Zambian emerald minners in their own country. First and foremost these chaps understate their production and value in millions nobody questions them. Secondly why should the standards of living in these areas be worse than Lusaka. Why shouldn’t these areas have good amenities for health, universities and dams rather than reward them with craters that can be seen from the moon?

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  13. Africa has money.The current money we are suing is paper which was used a receipt of Gold,diamonds & emeralds.The real money is precious stones.I wonder why do we sell money with papers.Africa needs good leadership.Zambia needs good leaders bcoz we have sold real money(land,animals & precious stones) due to love of papers.We need to work up and manage this country well.Young pipo should start thing of how we gonna protect our real money so that Zambians benefits.

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