Sata happy with emerald auction

President Michael Sata has expressed satisfaction at the successful auctioning of emeralds held in Lusaka recently.

Sata said the Kagem Mines held a low grade emerald auction which realised US$ 15.2 milion, the higest value ever. He added that another auction of high grade emeralds realised US$31.5 million which was also the second highest auction revenue achieved to date and the best in terms of value per carat sold.

The average per carat price of US$54 has set a new record. Furthermore, all the 583, 448 carats placed on offer were sold.

The President said following the outcome of the successful auctions there is no doubt about the country’s ability to hold these auctions locally and maximize revenue which might have been understated through various manipulations.

“On the insistence of Government, Kagem Mines Plc held a low grade rough emeralds auction from 15th – 19th April, 2013 which realized US$15.2 million which was the highest value ever realized,” .

“Similarly, from 15th – 19th July another auction of high grade emeralds was held at which US$31.5 million was realized. This is the second highest auction revenue achieved to date and the best in terms of value per carat sold. ” the President said

President Sata also noted that the selling and auctioning of gemstones locally will create employment, enhance value addition through cutting, polishing and jewelry making activities as well as enhance revenue collection as a result of proper monitoring mechanisms.

He said this will create additional spillover effects to other sectors of the economy which will also be enhanced as international buyers who come and stay in the hotels will end up visiting other tourist attractions develope an interest in investment opportunities in various sectors of the economy.

Sata has since reiterated his government’s commitment to diversifying the economy away from copper and promoting value addition industries in the mining sector in line with the PF Manifesto.

The President has commended the Ministry of Mines, Energy and Water Development for implementing his directive on gemstone auctions.

This is according to a statement issued by Special Assistant to The President For Press and Public Relations, George Chellah on Tuesday July 30, 2013.