ZAMBIA has raised over US$28 million from the sale of a rare 1.13 kilogramme emerald named Inkalamu, and other high quality precious stones at an auction held in Singapore last week.
A total of US$28.4 million in foreign exchange earnings has been raised from the auction by Kagem Mines Plc, which is co-owned by London-listed Gemfields and the Zambian government and proceeds have since been repatriated.
“Proceeds from the auction will be remitted to Zambia for reinvestment in operations, including on-going upgrades to employee facilities, and additional equipment that will also generate associated employment opportunities and repayment of debt,” Kagem chief executive officer Sean Gilbertson said.
By Kalonde Nyati, Zambia Daily Mail
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