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.
More on Sourcing
The Latest
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
CollectionsSep 05, 2025
Piece of the Week: Jamie Turner’s ‘Victoria’ Necklace The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.
Policies & IssuesSep 05, 2025
Trump Takes Tariffs Case to the Supreme Court Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
WatchesSep 05, 2025
Patrick Mahomes Is the New Hublot Brand AmbassadorThe Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.
Weekly QuizSep 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsSep 04, 2025
27 Can’t-Miss Converge Sessions, Events From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.
Events & AwardsSep 04, 2025
The NYC Jewelry, Antique, & Object Show Returns in NovemberNYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.
MajorsSep 03, 2025
These Are the Nearly 300 Claire’s Stores Set to CloseA new court filing details the locations of the stores that will close, as well as the 830 that will remain open.
MajorsSep 03, 2025
Stuller Releases 2 New Catalogs The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”
TrendsSep 03, 2025
Amanda’s Style File: A Perfect BirthstoneSapphire’s variety of colors make it the perfect birthstone for September.
FinancialsSep 02, 2025
Lab-Grown Diamonds, Lower-Priced Fashion Jewelry Drive Signet Jewelers’ Q2 SalesThe retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.
MajorsSep 02, 2025
Birks CEO Jean-Christophe Bédos Steps DownNiccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.
MajorsSep 02, 2025
Harry Winston Opens Its Largest Flagship in JapanThe three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.
CollectionsSep 02, 2025
Stephanie Gottlieb Debuts Silver Designs in ‘All Hours’ CollabThe collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink DiamondThe highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.
FinancialsAug 29, 2025
Movado’s Q2 Sales Rebound Despite Tariff ImpactCEO Efraim Grinberg noted a resurgence in the fashion watch market.
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.
Supplier BulletinAug 28, 2025
Clientbook Is Helping Jewelers Turn Clienteling Challenges into Wins with Hands-On Training and CoachingSponsored by Clientbook
GradingAug 28, 2025
GIA’s New ‘Quality Assessment’ for Lab-Grown Diamonds Is Coming It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.
SourcingAug 28, 2025
Botswana Declares Public Health Emergency Amid Diamond Sales SlumpPresident Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.
MajorsAug 28, 2025
Borsheims Names New Jewelry BuyerFormer Free People buyer Afton Robertson-Kanne recently joined the retailer.
IndependentsAug 28, 2025
Sissy’s Log Cabin Donates School Supplies to Memphis StudentsThe jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond CutsThe singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.
SourcingAug 27, 2025
11,685-Carat Emerald Recovered From Zambia’s Kagem MineDubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.
