Pallinghurst’s Gemstones unit generates record revenues at auction
PALLINGHURST Resources said on Wednesday its Gemstones venture had generated record auction revenues of $174m during the company’s financial year to June.Pallinghurst has a 48% interest in the London-listed coloured gemstones miner and marketer Gemfields. Its investment is valued at $124m.The group said Gemfields achieved record auction revenue in June in Singapore when $44.3m of high-, medium-and commercial-grade rough rubies were sold at an average price of $29.21 per carat.During its financial year to the end of June, Gemfields maintained a strong emerald and beryl production at Kagem mine, with 30-million carats produced at a grade of 241 carats per tonne, said Pallinghurst.Pallinghurst CEO Arne Frandsen said global demand remained strong for Gemfields’ emeralds with both auctions held so far during 2016 achieving record average prices per carat in their respective categories.However, despite the positive financial and operational performance from Gemfields, the share price perf...
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