Kagem Mining Ltd, a subsidiary of Gemfields group has announced a return of its auctions to Lusaka, Zambia.
This was after the company had applied to exceptionally hold its previous auctions outside Zambia after a general slump in global emerald prices, mostly affected by the Indian Market.
Kagem stated in a media statement to the Zambian Business Times (ZBT) that it would hold its auction from 18 to 20 February in Lusaka and has called on prospective Jewellers and businesses wishing to take part in the auction to apply for accreditation.
The company has stated that it will only be auctioning rough, uncut gemstones and will not include any finished or polished gemstones. Local auctions have been hailed as a model to uphold as it puts the country on the world map and enables business tourism among other economic benefits.
The Gemfields group controls mining assets and marketing of two key countries in Africa. In Zambia, the group through Kagem controls the mining and marketing of emeralds and amethysts and in Mozambique, it controls for ruby’s and pink sapphire.
The Kagem emerald mine is the world’s single largest producer of emeralds and accounts for approximately 25% of global emerald production. It covers an area of approximately 41 square kilometres and is located in the central part of the Ndola Rural Emerald Area of Zambia mining and industrial hub, the Copperbelt.