Gemfields Records $29.6 Million from Latest Kagem Emerald Auction
Gemfields’ Kagem Emerald Auction Raises $29.6 Million as All 44 Lots Sell Out
Gemfields generates $29.6 million from its latest auction of commercial-quality rough emeralds produced at the Kagem mine in Zambia, with all 44 lots offered at the sale finding buyers.
The auction, held in Jaipur, India, from August 24 to September 10, attracts strong buyer interest, with 63 companies participating in the bidding process.
The sale achieves an average realised price of $9.72 per carat, compared with $7.46 per carat at Gemfields’ previous commercial-quality emerald auction held in November and December 2025.
The latest auction marks Gemfields’ first commercial-quality emerald sale in nine months, following a period of operational challenges that affected production at Kagem and reduced the frequency of the company’s auctions.
Despite selling a lower volume than at the previous auction, the stronger average price results in higher total revenue.
Gemfields sells about 3.05 million carats at the latest auction, compared with 3.41 million carats previously, while total proceeds rise from $25.4 million to $29.6 million.
The 100% sell-through rate reflects strong demand for Zambian emeralds, while the increase in the number of participating bidders from 55 at the previous auction to 63 indicates broader customer engagement.
Gemfields Managing Director of Product and Sales Adrian Banks says the company is encouraged by the outcome, particularly after the nine-month gap since its previous commercial-quality auction.
He says viewing activity in Jaipur remains strong throughout the auction, with customers responding positively to the quality of the emeralds and the composition of the lots.
The proceeds provide an important cash injection for Gemfields as the company continues to address operational and financial pressures following production disruptions at Kagem and its Montepuez ruby operation in Mozambique.
Gemfields owns 75% of Kagem, Zambia’s largest emerald mine, in partnership with the Industrial Development Corporation of Zambia.
The strong auction performance also highlights continued demand for high-quality coloured gemstones despite challenges affecting global gemstone production and supply.
For Zambia, Kagem remains an important contributor to the country’s position in the global emerald market, while Gemfields’ auctions provide a key channel for connecting locally produced gemstones with international buyers.
