Gemfields concluded its auction of higher-quality rough emeralds held from 4–21 November 2024, generating $16.1 million in revenue. The auction, held via Gemfields’ proprietary online platform with viewings in Bangkok, sold 141,084 carats of the 200,460 carats offered, achieving an average price of $113.96 per carat.
Notably, 70% of the 43 lots on offer were sold. While top-quality lots saw robust bidding near record levels, weaker bids for lower-quality emeralds resulted in a disappointing overall outcome.
Adrian Banks, Managing Director of Product & Sales at Gemfields, noted:
"Challenging market conditions and competition from a rival Zambian producer offering emeralds at reportedly low prices impacted results. However, strong demand for top-quality lots and good customer engagement reflect the resilience of the high-end market. Gemfields remains committed to fostering stability by withholding unsold lots to support a sustainable market."
The proceeds, repatriated to Kagem Mining Ltd. in Zambia, will support royalties paid to the Zambian government. Since 2009, 50 auctions of Kagem gemstones have collectively generated $1.068 billion in revenue.
Gemfields is a leader in responsibly mined coloured gemstones and the majority owner of the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique.
Auction Highlights:
- Total Revenue: $16.1 million
- Carats Sold: 141,084 (70% of total)
- Lots Sold: 30 of 43 (70%)
- Average Price: $113.96 per carat
This auction underscores the fluctuating dynamics in the emerald market and Gemfields’ focus on long-term market stability.
