Kagem Raises $19 million at Emerald Auction

Kagem Raises $19 million at Emerald Auction

KAGEM Mine Plc has raised almost US$19 million from the just-ended emerald auction, which will enable the company contribute to the national treasury through taxes and royalties.

The company, which is 75 percent owned by Gemfields and 25 percent by the Industrial Development Corporation (IDC), last week held an auction for commercial quality rough emeralds and sold 26 lots out of 35, raising US$18.6 million.