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
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in CarlsbadAt Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop ShootoutSix people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule CollectionThe jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy AwardsAssociate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.
Weekly QuizSep 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysSep 15, 2025
Resilient Shoppers to Boost Holiday Retail Sales, Says DeloitteIt’s predicting a rise in retail sales this holiday season despite economic uncertainty and elevated inflation.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.
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.
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, MontanaAssociate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite EarringsFordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley AwardGilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.
MajorsSep 11, 2025
Tabayer Opens Nordstrom Shop-In-ShopLocated in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for ThatThe new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to AccountAs the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. HeadphonesJacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s UmbrellaThe two organizations have finalized and signed the affiliation agreement announced in May.
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron JewelsThe single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.
Events & AwardsSep 08, 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.
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.
