PRESIDENT Michael Sata has expressed satisfaction at the successful auction of emeralds held in Lusaka recently.

President Sata said following the outcome of the successful auction, there was no doubting the country's ability to hold such events locally and maximise on revenue which might have otherwise 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 realised US$15.2 million which was the highest value ever realised.

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

The average per carat price of $54 that the emeralds were going for at the auction has set a new record with all the 583,448 carats placed on offer being sold.

Mr Sata said it was obvious that selling and auctioning of gemstones locally would create employment, enhance value addition through cutting, polishing and jewelry, making activities as well as enhancing revenue collection as a result of proper monitoring mechanisms.

"Additional spillover effects to other sectors of the economy will also be enhanced as international buyers, who come and stay in the hotels, will end up visiting other tourist attractions as well as having an interest in investment opportunities in various sectors of the economy," President Sata said.

He reiterated Government's commitment to diversifying the country's economy away from the traditional copper and promoting value addition industries in the mining sector in line with the Patriotic Front manifesto.

According to a statement issued by his Special Assistant for Press and Public Relations George Chellah, the President commended the Ministry of Mines, Energy and Water Development for promptly implementing his directive on gemstone auctions.