Zambia: Kagem emerald mine auction achieved highest
Gemfields, which operates the Kagem emerald mine in Lufwanyama, has announced the results of an emerald auction comprising a series of five sequential mini-auctions held between 15 March and 17 April 2021). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.
Operations at Kagem, which remained suspended for a year till March 2021as a result of the Covid-19 pandemic, are expected to have ramped back up to full scale by the end of April 2021.
During the year-long suspension of all but critical operations, Kagem employees (excluding those on critical operations) were placed on leave with 80% of basic salaries, in line with the new Employment Code Act 2019 (Act No. 3 of 2019) throughout the suspension period, despite not working.
Kagem has been able to avoid redundancies and retain its workforce due to the financial support provided by the majority shareholder, Gemfields.
The auction contained a selection of grades that are typically offered at auctions of higher quality Kagem emeralds. Selected lots were made available for in-person and private viewings by customers in Tel Aviv, Dubai and Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
Source: Further Africa