CEOAFRICA.com gathered from Zambia that a total sum of $31.5 million has been declared as profit realized by Kagem Emerald Mines from its week-long gemstone auction recently concluded in Lusaka, the capital of Zambia. The exhibition also fetched the Zambian government $1.89 million mineral royalties.

According to source, the proceeds from the auction remains the highest ever generated by the company. Speaking from Lusaka, the Zambian Mines Minister, Christopher Yaluma, described the auction, where 40 international and three local firms participated as one of the best thing that ever happen in the region of Kagem.

“All the 583,448 carats placed on offer were sold off and realized high value per carat of emeralds. In terms of revenue, the auction realized $31.5 million, the highest ever achieved to date. This is contrary to the belief that holding auctions in Zambia will not yield positive results,” Mr. Yaluma said.

Speaking further, the Minister commended the boards and managements of Kagem for the success of the auction; a feat which he described as revealing factor in which various gemstones abound in Zambia has been showcased. “The success of the auction is yet another indication that Zambia is not only amomg the producers of the best emeralds in the world, but also offers the best environment conducive for hosting auctions,” he said

The Minister therefore concluded that Government had also earned itself $1.89 million in royalties from the auction.