Gemfields, a prominent player in the emerald mining sector, has recently disclosed encouraging results from its latest emerald auction held online from May 13-30. The auction, tailored into five mini-events, raked in a total of $35 million. With over 90 percent of the lots snapped up by buyers, the auction has proven to be a success despite the slightly softer market conditions.
This positive outcome comes after Gemfields made the decision to cancel its November 2023 auction due to lower quality and quantity of emerald production at its Kagem mine in Zambia. The company had stated that any high-quality stones would be carried over to the 2024 auction, which has now seen fruition.
Gemfields offered 240,000 carats of high-quality rough emerald from Kagem, organized into 46 lots. Prior to the sale, potential buyers had the opportunity for private, in-person viewings of the lots in Bangkok. The auction, conducted through an online platform designed specifically for the company, enabled participation from customers across different jurisdictions through a sealed-bid process.
Managing Director of Product and Sales at Gemfields, Adrian Banks, expressed satisfaction with the auction results, highlighting the continued demand and willingness of buyers to pay premium prices for fine-quality Zambian emeralds.
Comparing this year’s auction with the one in May 2023, Gemfields noted that while the number of bidding companies decreased from 69 to 60, the average price per carat slightly rose to $167.51, up from $165.55 last year. Banks attributed the overall higher price per carat to the quality of the lots sold, noting that the figure was somewhat influenced by the lower quality of two unsold lots.
Gemfields emphasized its commitment to Zambia by stating that auction proceeds would be fully repatriated to the country, with all royalties owed to the Zambian government being paid on the full sales prices achieved at the auction. Since July 2009, the company has conducted 48 auctions of Kagem gemstones, generating revenue exceeding $1 billion.
Looking ahead, Gemfields is gearing up to host a mixed-quality ruby auction next month, followed by a commercial-quality emerald auction scheduled for September.
