Kagem Mining Limited will from 11th to 15th November this year hold an auction of commercial and lower quality rough emeralds in Lusaka.
This sale will be the third rough emerald auction to be held in Lusaka by Kagem Mining Limited this year.
Kagem Mining Limited Company, which is 75 percent owned by London-listed Gemfields Plc and 25 percent by the Zambian government, made the announcement in a statement made available to ZANIS in Lusaka yesterday.
The company expects to attract leading buyers of precious gemstones from all around the world for a week-long session of appraisal followed by the submission of sealed bids.
Gemfields Chief Executive Officer Ian Harebottle confirmed the group’s commitment to holding the auction in Lusaka.
Mr. Harebottle reiterated the company’s desire for Zambia to become an important hub on an
international circuit of auction.
He stressed the importance of taking all necessary steps to support the continued increase in global demand for Zambia’s long undervalued gems and the associated increase in achievable prices to ensure that the needs of the country are also met.
He added that Gemfields has continued to be pleased with the ongoing levels of communication and interaction between the company and the Zambian government with both parties committed to the objective of establishing Kagem as a flagship company within the global coloured gemstone sector.
Gemfields raised US$15.2 million from a sale of lower quality gemstones in Lusaka in April this year and a further US$31.5 million from an auction of higher quality emeralds in the city in July.
The company has noted that the forthcoming auction will be held under the supervision of nominated Zambian government representatives.
All the emeralds placed on offer at the previous auctions were mined at Kagem’s mine in Lufwanyama, the single largest emerald mine in the world.
Gemfields and Kagem are at the forefront of developing the international market for Zambian emeralds by investing in proprietary global sales, distribution and marketing platforms in order to develop a competitive and reliable source of ethically produced gemstones thatbuyers have full confidence in.
The firm has stated that the long-term strategy to place Zambian gemstones on the international map was aimed at optimizing sales value by assuring buyers of the quality and consistency of supply hence maximizing profitability, tax revenue, employment, economic and social benefits to Zambia.
ZANIS
our riches but in other pipos hands.
Gvt has 25% shares. It’s not much but it’s something.
Very interesting indeed!
@accugrade,
@zedhuge is very right.
that auction is nothing but a smoke screen to hoodwink you and me that kagem is transparent when not.
those stones of third rate quality as the real ones are already out of the country.
by the way, how is gunatsi and his makanga mine monitored on the movements of these stones that he mines and sells. does he also auction them here in zambia or not?
does he even pay tax? if i may ask.
we would do good and a great service to our children and their children if we grabbed these mines back from these thieving mine owners and run them the botswana way….
@ Mature, just you mentioning Gounasse tells me you know alot about our gemstone industry in Zambia. I agree with you. I have every reason to believe that Gounasse is a fraudster who for some reason has managed to snick out huge amounts our gemstones and under declaring them to ZRA. I know of a man who owned the gemstones mine and Gounasse made him an offer. After establishing himself as a giant, Gounasse later refused to settle the balance and that case is still pending in court. There is alot happening in Lufwanyama, and this may not be the right platform to discuss this.
@AccuGrade,
good to know that you are well vested in this field of gemstones.
this is one field full of trick stars of all hues and our govt is well aware of this but opt to look the other way for reasons you and me can speculate as being corruption.
coming to your observation on the makanga mine unsettled balance, just looking at the lawyer representing gounasse, tells you the story that this case will go nowhere does it not?
by the way i thought both the mother and son of the same mine are no more…
“LO CHALO ENA KAWENA LO MALI ENA KATINA”
IT IS STILL TRUE NEARLY 50 YEARS AFTER INDEPENCE!!
The way to go, how about re_demarcating the Kagem vast landc & increase the revenues and were does Grizzly mine owned by this senegalese Abdul Ndiaye auction his Emeralds??
@accugrade..correction , Gunasi AKA Abdilaye Ndiaye owns pirala mine T/A Grizzly mine. he is more rich than your country Zambia .He never declares everything he produce from a grabbed mine from poor cooperative Zambians.
49 years zambians can not manage their mines,still being exploited by foreigners.shame Zambia.