Gemfields’ High-Quality Emerald Auction Earns $35M
Its May sale of gemstones from the Kagem mine in Zambia was strong despite a softening market.

Last year, the mining company, which owns the Kagem emerald mine in Zambia in partnership with the Industrial Development Corporation of Zambia, announced it had canceled its November 2023 auction of high-quality emeralds citing lower quality and quantity of emerald production at Kagem.
It said any high-quality stones would carry over to its 2024 auction.
The company’s recent sale, comprised of five mini-auctions, took place from May 13-30 via an online auction platform specifically adapted for the miner that permits customers from multiple jurisdictions to participate in a sealed-bid process.
Gemfields offered 240,000 carats of higher quality rough emerald from Kagem in 46 lots. Lots were available for private, in-person viewings by customers in Bangkok prior to the sale.
It was 93 percent sold by lot and 87 percent sold by weight.
“We are very pleased to report robust auction results despite slightly softer market conditions. Today’s result demonstrates that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels,” Gemfields Managing Director of Product and Sales Adrian Banks said.
In its May 2023 sale, the miner offered 264,132 carats in 35 lots and sold all of them, garnering a total of $43.7 million.
The miner notes that auction results are “not always directly comparable,” as the lots offered vary in size, color, and clarity on account of variations in mined production and market demand.
This year, 60 companies placed bids, compared with 69 bidders in 2023.
The 2024 sale achieved an average price per carat of $167.51, slightly higher than last year’s average of $165.55.
“The overall price per carat for the lots sold echoes the record figure achieved in Kagem’s preceding high- quality auction of May 2023,” said Banks.
“It should however be noted that today’s figure has been skewed by the fact that two of the unsold lots were among the lower qualities offered at the auction.”
Auction proceeds will be fully repatriated to Kagem in Zambia, with all royalties owed to the Zambian government being paid on the full sales prices achieved at the auction, Gemfields said.
The 48 auctions of Kagem gemstones held since July 2009 have generated more than $1 billion in revenue.
Next month, Gemfields will host a mixed-quality ruby auction.
Its next commercial-quality emerald auction will take place in September.
The Latest

As demand for custom jewelry grows, the company is expanding its services to support retailers.

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.


He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The organization elected its youngest vice president as it looks to draw in fresh talent.

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

Sponsored by The INSTORE Jewelry Show 2025

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

A new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.

Jake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.

Eric Ford will step into the role, bringing with him decades of experience.

In addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.

The “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.

The seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.

The New England jeweler is hosting a bridal event for the month of August.