Gemfields has announced a significant drop in sales and prices at its most recent auction of rough emeralds from the Kagem mine in Zambia. The UK-based company attributed this decline to ongoing conflicts, electoral tensions, and economic uncertainty in China. Additionally, a scheduling conflict with a competing emerald producer, which reportedly offered low prices, contributed to the downturn.
At the auctions held in Jaipur, India, and online, Gemfields sold only 61% of the nearly 4 million carats available. In contrast, previous auctions had sales rates exceeding 90%. The total sales from this auction reached $10.8 million, marking a 67% decrease compared to the same period last year. The average price per carat was $4.47, halving from last year’s auction.
Adrian Banks, Gemfields’ managing director of product and sales, noted that the results were weaker than expected. He highlighted that the competing emerald producer scheduled their auction to coincide with Gemfields’ sale, leading to lower prices for customers.
Banks emphasized the company’s commitment to responsible practices, stating that Gemfields withheld certain auction lots when fair market prices were not achieved.
