Gemfields Auction Yields USD 17.1 Million in Commercial-Quality Emeralds
Gemfields has concluded another successful auction of commercial-quality rough emeralds, held from March 5 to March 22, 2024.
The auction, conducted by Gemfields’ subsidiary Kagem in Zambia, generated total revenues of USD 17.1 million, with 40 out of 43 lots sold, achieving a remarkable 93% sales rate.
Key Highlights:
.Total auction revenues reached USD 17.1 million.
.43 lots were offered, with 40 lots successfully sold, accounting for a 93% sales rate.
.The average price per carat stood at USD 4.45.
.Since July 2009, Kagem auctions have amassed total revenues of USD 1,006 million, crossing the significant milestone of USD 1 billion.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, expressed satisfaction with the auction results, affirming the resilience of the commercial-quality emerald market.
Despite featuring larger quantities of lower-quality emeralds, typically destined for smaller manufacturers, the auction’s performance remained consistent with previous sales. The inclusion of these parcels led to a slightly lower overall dollar-per-carat figure compared to previous auctions.
Looking ahead, Gemfields anticipates its next auctions, featuring higher-quality emeralds and mixed-quality rubies, to be held in Bangkok over May and June 2024.
The auction lots were available for private viewings in Jaipur, India, followed by an online auction process facilitated by a dedicated platform tailored for Gemfields.
This platform enabled participation from customers across multiple jurisdictions through a sealed-bid process.
The rough emeralds sold at 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 the auction will be repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia based on the full sales prices achieved.
The auction’s success underscores Gemfields’ commitment to sustainable and transparent practices in the gemstone industry, contributing to the economic development of Zambia while meeting global market demand for responsibly sourced emeralds.
