Gemfields Sells Only 61% of Emeralds at Latest Auction Amid Market Challenges
Gemfields, listed on both the Johannesburg and London stock exchanges, sold only 61% of the emeralds offered at its latest auction, generating $10.8 million in total revenue. The average sales price was $4.47 per carat.
The auction, held from August 27 to September 13, featured 46 lots, but only 28 were sold.
Adrian Banks, Gemfields’ Managing Director of Product and Sales, attributed the weaker-than-expected results to several market pressures.
“The luxury goods, diamond, and gemstone markets are facing significant headwinds due to conflicts, elections, economic uncertainty in China, and broader economic turbulence,” Banks explained.
He also noted that the underperformance was worsened by a competing emerald producer holding its own auction during the same period, selling emeralds at reportedly low prices.
“Gemfields remains committed to responsible practices by withholding lots when fair market prices are not met, as demonstrated by the significant volume and value of unsold lots at this auction,” Banks added.
He expressed optimism for improved market conditions ahead of Gemfields’ November auction, which will feature higher-quality emeralds.
The emeralds on offer were sourced from Gemfields’ 75%-owned Kagem mine in Zambia.
