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Gemfields Reports Strong Results for Commercial-Grade Emerald Auction

Key Highlights:

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Total auction revenues: USD 17.1 million

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Lots sold: 40 out of 43 offered (93% sell-through rate)

Average price: USD 4.45 per carat

Cumulative auction revenue since July 2009: USD 1,006 million

Gemfields, a leading supplier of responsibly sourced colored gemstones, has announced the successful conclusion of its latest auction for commercial-grade emeralds from its Kagem mine in Zambia. The auction generated total revenues of USD 17.1 million, with 93% of the offered lots sold.

While the average price per carat of USD 4.45 was lower than some previous auctions, this is attributed to the inclusion of a significant quantity (55% by weight) of lower-quality emeralds typically sold through Gemfields’ Direct Sales channel.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, expressed satisfaction with the auction results, stating that they “demonstrate that the commercial-quality emerald market remains in good shape.” He further noted that the three unsold lots consisted of atypical auction grades, including a large cluster of low-quality crystals and two lots of small-sized “Fines.”

Looking ahead, Gemfields anticipates its next auctions for higher-quality emeralds and mixed-quality rubies to be held in Bangkok in May and June 2024.

This auction marks a significant milestone for Gemfields, as it pushes the company’s total auction revenue past the USD 1 billion mark since July 2009. This achievement underscores Gemfields’ position as a leading player in the colored gemstone market and its commitment to responsible sourcing practices.

The auction process involved private viewings for customers in Jaipur, followed by a sealed-bid online auction, allowing for participation from international buyers.

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