Gemfields Cancels Upcoming High-Quality Emerald Auction
Lower quality and quantity drove the decision to withdraw the sale.

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.
The Latest

The champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.

Kosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.

Carlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

The brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.


Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.

Citizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.

The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.

Amit Pratihari was previously the managing director of De Beers India and Forevermark India.

Members of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.

Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.

Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.

The month’s birthstones, tourmaline and opal, complement the palette of autumn.

Smith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.

Associate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.

Respondents were concerned about job availability and rising prices.

Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.

Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.

Two men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.

The “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.

The brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.