Gemfields Achieves Record Revenue in High-Quality Emerald Auction
Gemfields, a renowned supplier of precious gemstones, has revealed the astounding results of its recent emerald auction, featuring a selection of higher-quality rough emeralds. From 15 May to 1 June 2023, this auction achieved unprecedented success, setting new records and surpassing all expectations.
The auction’s most remarkable achievement is the total auction revenues, which reached an all-time high of US$43.7 million. This extraordinary figure stands as a monumental record, representing the highest revenue ever attained in any Kagem emerald auction. Demonstrating the immense demand, all 35 lots offered were sold, resulting in a flawless 100% sell-through rate.
Another notable milestone is the average realized price per carat, which soared to a record-breaking USD 165.55. This exceptional average price underscores the remarkable value attributed to these exquisite gemstones by discerning buyers and establishes a new benchmark for any Gemfields emerald auction.
Furthermore, the auction witnessed an extraordinary accomplishment with the highest price-per-carat ever paid for a single auction lot. This significant feat further solidifies the desirability and rarity of Gemfields’ emeralds in the global market.
Gemfields has conducted a total of 45 auctions of Kagem gemstones since July 2009, resulting in an astonishing total revenue of US$964 million. These staggering figures firmly establish Gemfields as a leading force in the industry.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, expressed his delight and optimism regarding the auction’s outcome.
He acknowledged the market’s previous normalization following the exuberance of the first half of 2022. However, the sharp rebound in the market and the breaking of three records in this auction affirm the positive market trend reported in 2022. Banks remarked, “This is our 45th auction of Kagem emeralds since 2009, and witnessing three records fall certainly puts the proverbial smile on my dial.”
Prior to the auction, customers had the exclusive opportunity to privately view the auction lots in Bangkok. These in-person viewings allowed potential buyers to experience firsthand the exceptional quality and beauty of the gemstones.
Following the viewings, the auctions were conducted through a specially adapted online platform, enabling customers from multiple jurisdictions to participate in a sealed-bid process.
The rough emeralds featured in the auction were extracted by Kagem, a joint venture between Gemfields (75% ownership) and the Industrial Development Corporation of Zambia (25% ownership).
The proceeds from this auction will be fully repatriated to Kagem in Zambia, with all appropriate royalties paid to the Government of the Republic of Zambia based on the achieved sales prices.
It is important to note that the composition and quality of the auction lots can vary in terms of size, color, and clarity, reflecting differences in mined production and market demand. As a result, direct comparisons between the results of each auction may not always be possible.
Gemfields’ June 2023 higher-quality emerald auction has undoubtedly showcased the irresistible allure and enduring value of these extraordinary gemstones.
The record-breaking revenue, unprecedented average price per carat, and the highest price-per-carat ever paid for a single auction lot underscore the intense market demand and the unwavering appeal of Gemfields’ emeralds among collectors and connoisseurs worldwide.
