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
More on Sourcing
The Latest
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Weekly QuizFeb 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
SurveysFeb 10, 2026
Shoppers to Spend Big on Jewelry This Valentine’s Day, Says NRFJewelry is expected to be the No. 1 gift this year in terms of dollars spent.
FinancialsFeb 10, 2026
Kering Plans Transformation as 2025 Sales Sink 13%As star brand Gucci continues to struggle, the luxury titan plans to announce a new roadmap to return to growth.
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
IndependentsFeb 09, 2026
James Free Jewelers Unveils Revamped FlagshipThe Ohio jeweler’s new layout features a curated collection of brand boutiques to promote storytelling and host in-store events.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
MajorsFeb 04, 2026
What Designers Should Know About Saks Global’s BankruptcyFrom how to get an invoice paid to getting merchandise returned, JVC’s Sara Yood answers some complex questions.
TrendsFeb 04, 2026
Amanda’s Style File: February Birthstone BlissAmethyst, the birthstone for February, is a gemstone to watch this year with its rich purple hue and affordable price point.
MajorsFeb 04, 2026
Marco Bicego Names New Global Marketing DirectorThe Italian jewelry company appointed Matteo Cuelli to the newly created role.
MajorsFeb 04, 2026
Frederick Goldman Updates Leadership TeamThe manufacturer said the changes are designed to improve speed, reliability, innovation, and service.
