SourcingJun 12, 2024
State of Colored Stones: Why the Market Is More Colorful Than EverSourcingJun 04, 2024
Gemfields’ High-Quality Emerald Auction Earns $35M
Its May sale of gemstones from the Kagem mine in Zambia was strong despite a softening market.
Gemfields reported strong results at its recent emerald auction, including a new record price-per-carat average.
London—Gemfields reported that its latest high-quality emerald auction brought in $35 million and that more than 90 percent of the lots found buyers.
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.
Related stories will be right here …
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.
More on Sourcing
The Latest
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
