This Is Who Bought Gemfields’ 5,655-Carat Emerald

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Rajkumar and Rishabh Tongya of Dia-Color purchased the 5,655-carat “Inkalamu” rough emerald at Gemfields’ recent auction in Singapore.

London—After financing issues hurt its May emerald auction, Gemfields bounced back at its most recent sale, even finding a buyer for one particularly large piece of rough.

The colored gemstone mining company held an auction of higher-quality rough emeralds in Singapore from Nov. 14 to 17 that generated revenues of $28.4 million, with an average price per carat of $68.03.

The gemstone miner said “improved liquidity” among trade customers led to 74 percent of the carats on offer being sold. This compared with 56 percent at the last auction of higher quality emeralds held in Zambia in May, when Gemfields said the Nirav Modi fraud scandal made it difficult for Indian clients to get financing.

The auction was 77 percent sold by lot, up from 59 percent in May.

“The results of what was our first Singapore emerald auction in more than three years clearly reflect the emerging recovery among our trade customers after a protracted period of difficulty,” said Gemfields Managing Director of Product and Sales Adrian Banks. “The marked increases in the percentage of carats and number of lots sold, combined with the uptick in per carat price, bode well for further improvement in 2019.”

The highlight of the sale was the purchase of Inkalamu, the 5,655-carat emerald uncovered at Kagem in early October. Rajkumar and Rishabh Tongya of Dia-Color, an Indian company that specializes in high-end gemstone jewelry, purchased the rough gemstone.

Gemfields is not disclosing the purchase price but has said it will donate 10 percent of the proceeds to its conservation partners the Zambian Carnivore Programme and the Niassa Carnivore Project.

The Inkalamu emerald utilizes the Gübelin Provenance Proof nano-tagging, allowing all future stones cut from the rough to be traced not only to the mine of origin but to the gem of origin.
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