Gemfields Achieves Strong Auction Revenues in 2023 Despite High-Quality Emerald Auction Withdrawal
Gemstone mining company Gemfields reported robust auction revenues and pricing for both emeralds and rubies, reaching $242 million in 2023.
This marks the second-highest year in Gemfields’ history, even with the withdrawal of the higher-quality emerald auction in November 2023.
Gemfields’ 75%-owned Kagem emerald mine in Zambia witnessed a notable improvement in the quality and quantity of premium emeralds recovered in recent months.
Emerald auction revenues for the year amounted to $90.4 million. The company’s 75%-owned Montepuez ruby mine in Mozambique earned $151.4 million for the year.
Gemfields’ cumulative emerald and ruby auction sales since 2009 now stand at $2 billion, contributing $400 million in taxes to the governments of Mozambique and Zambia.
Looking ahead, Gemfields plans to conduct a commercial-quality emerald auction in the first quarter of this year, followed by higher-quality and mixed-quality ruby auctions in the second quarter.
