Gemfields Generates $25.5 Million in Revenue from Latest Kagem Mine Emerald Auction
Gemstone producer Gemfields has reported earnings of $25.5 million from its recent auction of commercial-quality rough emeralds sourced from the Kagem mine in Zambia.
All 43 lots offered at the auction were successfully sold, achieving an average price of $7.51 per carat.
Adrian Banks, Gemfields’ Managing Director of Product and Sales, expressed satisfaction with the auction results, emphasizing the continued strength of the emerald market. He also wished success to their auction partners during the ongoing tradeshow season.
Banks stated, “Due to the recent decrease in both the quality and quantity of emerald production at Kagem, we made the decision last week to cancel our planned auction of higher-quality emeralds initially scheduled for November this year.”
As a result, this auction of commercial-grade emeralds marks the third and final auction from Kagem in 2023, contributing to a total revenue of $90 million for the mine this year.
Banks highlighted that 2023 has been Kagem’s third-best auction year to date. In 2021, the mine generated $92.3 million in revenue, while 2022 was described as an outstanding year with revenue reaching $149 million.
