SourcingSep 29, 2023
Lucara Severs Ties With HB Antwerp SourcingOct 04, 2023
Gemfields Cancels Upcoming High-Quality Emerald Auction
Lower quality and quantity drove the decision to withdraw the sale.
Mining company Gemfields announced that it has canceled its upcoming emerald auction, which was slated for next month, due to a lack of supply.
London—Gemfields has canceled its upcoming auction of high-quality emeralds, originally scheduled for November.
The mining company, which owns the Kagem emerald mine in Zambia, released an auction update with the cancellation news on Sept. 13, while its last auction of commercial-quality emeralds was underway.
“Gemfields has [made] this decision as a result of the generally lower quality and quantity of emerald production at Kagem in recent months … which would result in a suboptimal auction offering,” the company said.
Any high-quality stones the miner already has will carry over into 2024.
“Emeralds are a natural product and the variability in quality and quantity of production is a characteristic feature of colored gemstone deposits,” said Gemfields’ Managing Director of Product & Sales Adrian Banks.
“We have seen such periods in the past and always wish to ensure that we only proceed with an auction where we can table an industry leading offering for our clients.”
Related stories will be right here …
The mining company, which owns the Kagem emerald mine in Zambia, released an auction update with the cancellation news on Sept. 13, while its last auction of commercial-quality emeralds was underway.
“Gemfields has [made] this decision as a result of the generally lower quality and quantity of emerald production at Kagem in recent months … which would result in a suboptimal auction offering,” the company said.
Any high-quality stones the miner already has will carry over into 2024.
“Emeralds are a natural product and the variability in quality and quantity of production is a characteristic feature of colored gemstone deposits,” said Gemfields’ Managing Director of Product & Sales Adrian Banks.
“We have seen such periods in the past and always wish to ensure that we only proceed with an auction where we can table an industry leading offering for our clients.”
Gemfields said its most recent auction of commercial-quality emeralds, held Aug. 29 to Sept. 15, contained a “higher than usual proportion of lower-value grades.”
The sale yielded $25.5 million for 3.39 million carats, and all 43 lots offered were sold.
It was the third and final Kagem auction for the year.
“We are of course disappointed to withdraw our auction of higher-quality emeralds scheduled for November 2023,” Banks said.
The company’s auction revenues for 2023 totaled $90 million, down from $149 million in 2022 and $92.3 million in 2021.
Banks said the results, “demonstrate that the emerald market remains in excellent shape.”
Gemfields’ auction of mixed-quality rubies from its Montepuez mine in Mozambique is still expected to take place in December 2023.
Its previous ruby auction, held Sept. 11-13, featured commercial- and lower-quality rubies and saw revenues of $1.47 million. All eight lots, comprising 869,862 carats, were sold.
“The results from [the September] auction of commercial- and lower-quality ruby highlight again that the market remains very healthy,” Banks said.
Editors' Picks
Sponsored by
The Latest
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
