Gemfields’ November Emerald Auction Nets $16.1 Million Amid Market Challenges
Gemfields has reported revenues of $16.1 million from its November 2024 higher-quality emerald auction. The auction, held online from November 4–21, achieved a 70% sales rate, with 141,084 carats sold out of the 200,460 carats offered across 43 lots.
The average price per carat was $113.96, reflecting mixed market dynamics. Adrian Banks, Managing Director of Product & Sales at Gemfields, acknowledged the auction’s mixed outcomes:
“Top-quality lots achieved bids close to record levels, but the overall result was disappointing due to weaker and fewer bids for lower-quality grades.”
The emerald market has encountered turbulence, partly due to increased competition from another Zambian producer conducting frequent auctions at reportedly lower prices.
Despite this, Gemfields maintained its strategy of withholding lots that failed to meet satisfactory bid levels, reinforcing its commitment to market stability.
The emeralds auctioned were mined by Kagem, a partnership between Gemfields (75%) and Zambia’s Industrial Development Corporation (25%). All proceeds will be fully repatriated to Zambia, including royalties paid to the government.
Private viewings for the auction took place in Bangkok before the sealed-bid online event. This latest sale brings Gemfields’ cumulative revenue from Kagem gemstone auctions since 2009 to an impressive $1.068 billion, marking a milestone in the company’s contribution to Zambia’s gemstone industry.
