Rajkumar and Rishabh Tongya of Dia-Color purchased the 5,655-carat “Inkalamu” rough emerald at Gemfields’ recent auction in Singapore.
London—After financing issues hurt its May emerald auction, Gemfields bounced back at its most recent sale, even finding a buyer for one particularly large piece of rough.
The colored gemstone mining company held an auction of higher-quality rough emeralds in Singapore from Nov. 14 to 17 that generated revenues of $28.4 million, with an average price per carat of $68.03.
The gemstone miner said “improved liquidity” among trade customers led to 74 percent of the carats on offer being sold. This compared with 56 percent at the last auction of higher quality emeralds held in Zambia in May, when Gemfields said the Nirav Modi fraud scandal made it difficult for Indian clients to get financing.
The auction was 77 percent sold by lot, up from 59 percent in May.
“The results of what was our first Singapore emerald auction in more than three years clearly reflect the emerging recovery among our trade customers after a protracted period of difficulty,” said Gemfields Managing Director of Product and Sales Adrian Banks. “The marked increases in the percentage of carats and number of lots sold, combined with the uptick in per carat price, bode well for further improvement in 2019.”