Gemfields Says Emerald Sales Improved in Latest Auction

London—Gemfields announced its latest commercial-quality emerald auction brought in $16.4 million, a marked improvement from the third quarter 2024.

It was 89 percent sold by lot, with 32 of the 36 lots offered finding buyers, and 79 percent sold by weight. 

Adrian Banks, Gemfields’ managing director of product and sales, said the results are a “notable improvement” on the company’s disappointing emerald auction held in September 2024.  

“An increased number of bids and stronger prices across a broad quality range point to improved sentiment and demand since our experience in Q3 2024,” he said. 

The most recent sale generated an average price per carat of $6.87, up more than $2 a carat from the per-carat average of $4.47 posted in September, with that sale totaling $10.8 million. 

However, Banks noted that the per-carat price was “positively skewed” by the fact that Gemfields withdrew some “very low-quality” material from the auction. That material accounted for about 19 percent of the total carat weight offering. 

The miner also noted that auction results are “not always directly comparable,” as the lots offered vary in size, color, and clarity on account of variations in mined production and market demand.

The rough emeralds were mined at Kagem, which is 75 percent owned by Gemfields and 25 percent by the Industrial Development Corporation of Zambia.

The auction was held April 11 to 29, taking place via an online auction platform specifically adapted for the miner that permits customers from multiple jurisdictions to participate in a sealed-bid process. 

Prior to the sale, the auction lots were made available for private in-person viewings by customers in Jaipur, India. 

In December, Gemfields announced it was suspending operations at Kagem for up to six months due to an oversupply of emeralds on the market. 

The suspension remained in effect as of press time.