Gemfields today announced the results of last week’s predominantly higher quality rough emerald auction held in Lusaka. Overall, revenues generated exceeded our base case estimate of $30m by raising $33.1m. The record average value of $70.68/ct also beat our expectations, albeit on first reading, it seems as though lower quality/lower value goods did not enjoy the same level of demand as the higher quality goods, similar to the trends seen elsewhere in the precious stone market. We reta
