Wednesday, June 5, 2024
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Gemfields’ Emerald Auction Generates $35M Amid Strong Demand

London— Gemfields announced that its latest high-quality emerald auction garnered $35 million, with over 90 percent of the lots sold.

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Last year, the company, co-owners of the Kagem emerald mine in Zambia alongside the Industrial Development Corporation of Zambia, canceled its November 2023 auction due to lower quality and quantity of emeralds. High-quality stones were instead carried over to the 2024 auction.

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The recent sale, conducted through five mini-auctions from May 13-30 on a specialized online platform, allowed global participation via a sealed-bid process. Gemfields offered 240,000 carats of top-grade rough emeralds from Kagem in 46 lots, which were available for private viewing in Bangkok before the auction. The sale achieved a 93 percent lot sell-through rate and 87 percent by weight.

“We are very pleased to report robust auction results despite slightly softer market conditions. Today’s result demonstrates that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels,” said Adrian Banks, Gemfields’ Managing Director of Product and Sales.

In comparison, the May 2023 auction offered 264,132 carats in 35 lots, all of which sold for $43.7 million. However, auction results vary due to differences in lot size, color, and clarity driven by mined production and market demand.

This year’s auction saw 60 companies place bids, down from 69 in 2023. The 2024 auction achieved an average price of $167.51 per carat, slightly up from last year’s $165.55 per carat. Banks noted that the average price per carat was influenced by the inclusion of two lower-quality unsold lots.

All auction proceeds will be repatriated to Kagem in Zambia, with royalties paid to the Zambian government based on the full sales prices. Since July 2009, 48 Kagem gemstone auctions have generated over $1 billion in revenue.

Next month, Gemfields will host a mixed-quality ruby auction, followed by a commercial-quality emerald auction in September.

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