SourcingSep 16, 2024
1,094-Carat Diamond Recovered in Botswana Just Weeks After Historic Find SourcingSep 23, 2024
Gemfields’ September Auctions Bring Mixed Results
Its commercial-quality sapphire, corundum, and ruby sale yielded “healthy” results, while its emerald auction was weaker than expected.
Gemfields’ commercial-quality sapphire, corundum, and ruby auction brought in $2.3 million, and its commercial-quality emerald auction garnered $10.8 million.
London—Gemfields has reported results for two commercial-quality gemstone auctions that took place in September—one for sapphire, corundum, and rubies, and another for emeralds.
The auction offering predominantly commercial-quality sapphire, corundum, and commercial-quality rubies brought in $2.3 million. In 2023, this sale brought in $1.5 million, the miner said.
It was 100 percent sold by lot, with all 10 lots—comprising 5.7 million carats—finding buyers.
The sale generated an average price per carat of $0.41.
The material was extracted by Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.
The majority of the auction’s offering consisted of corundum and sapphire, which are considered by-products of MRM, said Adrian Banks, Gemfields’ managing director of product and sales.
“We extend our gratitude to the auction participants who made this brief, three-day auction such an enjoyable event,” said Banks.
“Despite the commercial nature of these goods, the auction saw strong attendance and robust demand. The significant volume of the lower-priced rough sold will support the factories in the cutting centers of Chanthaburi, Thailand and Jaipur, India.”
Banks also congratulated the Government of Mozambique and Gemfields’ partners at Mwiriti, both of whom attended the auction, on “very healthy results for material of this quality.”
The auction was held Sept. 2-4.
The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales price achieved at the auction, according to Gemfields.
Related stories will be right here …
The auction offering predominantly commercial-quality sapphire, corundum, and commercial-quality rubies brought in $2.3 million. In 2023, this sale brought in $1.5 million, the miner said.
It was 100 percent sold by lot, with all 10 lots—comprising 5.7 million carats—finding buyers.
The sale generated an average price per carat of $0.41.
The material was extracted by Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.
The majority of the auction’s offering consisted of corundum and sapphire, which are considered by-products of MRM, said Adrian Banks, Gemfields’ managing director of product and sales.
“We extend our gratitude to the auction participants who made this brief, three-day auction such an enjoyable event,” said Banks.
“Despite the commercial nature of these goods, the auction saw strong attendance and robust demand. The significant volume of the lower-priced rough sold will support the factories in the cutting centers of Chanthaburi, Thailand and Jaipur, India.”
Banks also congratulated the Government of Mozambique and Gemfields’ partners at Mwiriti, both of whom attended the auction, on “very healthy results for material of this quality.”
The auction was held Sept. 2-4.
The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales price achieved at the auction, according to Gemfields.
Gemfields’ commercial-quality emerald auction brought in $10.8 million.
A total of 4 million carats were offered at the sale, which was 61 percent sold by weight and by lot, with 28 of the 46 lots finding buyers.
Gemfields said it withdrew the remaining 18 lots totaling 1.6 million carats because the bids placed for those lots did not meet the minimum amount the company was willing to accept.
In a statement shared with National Jeweler, the mining company said, “Gemfields remains committed to acting responsibly by withholding auction lots when fair market prices are not achieved, as is demonstrated by the lots we withdrew from our auction, which comprised both considerable volume and value.
“The withdrawn lots did not reach the reserve prices following bids being placed.”
The sale generated an average price per carat of $4.47.
The previous commercial-quality emerald auction, which took place in March, garnered $17.1 million, recording an average per-carat price of $4.45.
It was 92 percent sold by weight, with 40 of the 43 offered lots sold.
The miner notes 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.
Banks said the luxury-good, diamond, and gemstone markets are experiencing “distinct headwinds” due to conflicts, elections, economy uncertainty in China, and broader economic turbulence.
“Today's overall result is weaker than expected, exacerbated in part by a competing emerald producer scheduling their own auction to finish in early September 2024, in the middle of ours, and selling through their emeralds at what customers reported as low prices,” said Banks.
He added, “We hope that market conditions improve as we work towards the auction of higher-quality emeralds scheduled for November 2024.”
The material on offer was sourced from its Kagem emerald mine in Zambia, which is 75 percent owned by Gemfields and 25 percent by the Industrial Development Corporation of Zambia.
The auction was held Aug. 27 to Sept. 13, taking place via an online auction platform specifically adapted for the miner that permits customers from multiple jurisdictions to participate in a sealed-bid process.
Prior to the sale, the auction lots were made available for private, in-person viewings by customers in Jaipur, India.
The 49 auctions of Kagem gemstones held since July 2009 have generated more than $1 billion in revenue.
The proceeds of this auction will be fully repatriated to Kagem in Zambia with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction, according to Gemfields.
The Latest
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsSep 02, 2026
Messika Names Former Omega Exec as New President, CEO of AmericasArnaud Michon, the former Omega USA President, will now lead Messika’s Americas region during its international development.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
FinancialsAug 27, 2026
Movado’s Q2 Sales Up As Younger Consumers Take Interest in WatchesThe fashion watch category was once threatened by the Apple Watch, but consumers are now opting for new wearables, said Movado’s CEO.
SurveysAug 26, 2026
5 Jewelry Insights From The RealReal’s Resale ReportThe report delves into trending styles, the most popular jewelry brands by city, and why Belle Époque jewelry could be the next big thing.
Lab-GrownAug 26, 2026
AGTA Now Requiring Members to Call Lab-Grown Gems ‘Synthetic’The association added the requirement to its revised "Code of Ethics" and released the 17th edition of its “Gemstone Information Manual.”
SurveysAug 26, 2026
Consumer Confidence Dips in August Amid Anticipatory Anxieties Respondents were concerned about the future of the labor market and their income as well as the rising prices of gas and groceries.
