Gemfields Delays Singapore Auction as Zambia Blocks ExportsThomas Biesheuvel
Gemfields Plc, the biggest emerald producer, postponed an auction of Zambian stones in Singapore after the southern African nation barred exports of the gems.
The company is seeking clarification from Zambia’s Ministry of Mines, Energy and Water Development on the restrictions, Gemfields said today in a statement. The London-based producer had intended to hold the auction from today to June 14.
Zambia said in April it wanted all its gemstones to be auctioned in the country and any exports should first be sold within its borders. That may curb revenue from Gemfields’ Kagem emerald mine, the world’s largest, as the company has previously been able to sell the stones in India and Singapore.
Gemfields fell 3.6 percent to 23.25 pence by the close in London trading, the biggest one-day decline since May 16.