Gemfields Earns $35 Million from Rough Emerald Auction
Gemfields Group, a miner and marketer of colored gemstones, generated total revenue of $35 million from an auction of higher-quality rough emeralds held from May 13 to 30.
The rough emeralds auctioned were extracted by Kagem, a mine 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
Out of 46 lots offered, 43 were sold, achieving an average price of $167.51 per carat.
“We are very pleased to report robust auction results despite slightly softer market conditions. Today’s result demonstrates that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels.
The overall price per carat for the lots sold matches the record figure achieved in Kagem’s preceding high-quality auction in May 2023.
However, it should be noted that today’s figure is skewed slightly because two of the unsold lots were among the lower qualities offered,” said Gemfields Product and Sales MD Adrian Banks.
“We now look forward to our forthcoming mixed-quality ruby auction in June and the next commercial-quality emerald auction in September,” he added.
Since July 2009, the 48 auctions of Kagem gemstones have generated a total revenue of $1.04 billion.
