Gemfields Earns $16.4 Million from Commercial-Quality Emerald Auction in India
AIM-listed Gemfields has reported $16.4 million in revenue from its latest auction of commercial-quality rough emeralds sourced from its 75%-owned Kagem mine in Zambia.
The auction took place in Jaipur, India, from April 11 to 29, where 32 out of 36 lots were sold at an average price of $6.87 per carat.
This marks a strong recovery from the underwhelming auction results of September 2024, with improved buyer sentiment and competitive bidding across a broader quality range.
Since July 2009, Gemfields has held 51 auctions of Kagem emeralds, generating a cumulative revenue of $1.09 billion.
The company notes that auction results vary due to differences in lot quality, size, colour, and clarity, which are influenced by production trends and market dynamics. As such, direct comparisons between auctions can be misleading.
Gemfields Product and Sales MD Adrian Banks highlighted that the overall average price was positively affected by the decision to withdraw 112,000 g of very low-quality material, which accounted for 18.5% of the total weight offered.
“We extend our appreciation to the Kagem team and to the Zambian government, which holds a 25% stake in Kagem,” Banks added.
