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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
GradingJun 17, 2026
SSEF Issues Warning on Refilled EmeraldsThe lab is seeing emeralds with filler added post-testing enter the market, accompanied by reports that indicate little to no treatment.
Weekly QuizJun 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJun 17, 2026
Patek Philippe’s ‘Visionary’ Leader Philippe Stern Dies at 88 The third generation of the Stern family to head Patek Philippe, he navigated the “quartz crisis” and preserved the brand’s independence.
MajorsJun 17, 2026
James Avery to Revamp In-Store Retail ExperienceThe Texas-based jeweler is gradually rolling out a new experience-forward layout in its stores.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
MajorsJun 17, 2026
Seahawks’ Super Bowl Ring Blends Meaningful Design, Technical CraftsmanshipThe Super Bowl LX champions were honored with diamond and blue sapphire rings by Jason of Beverly Hills.
Policies & IssuesJun 17, 2026
Community for Ethical Jewelry Names New Executive DirectorMarianna Smirnova previously spent a decade working with the Responsible Minerals Initiative, in addition to other relevant roles.
MajorsJun 16, 2026
5 Things to Know About the 2026 NBA Championship TrophyThe New York Knicks took home the Larry O'Brien Trophy crafted by Tiffany & Co.
TrendsJun 16, 2026
Post-Vegas Jewelry Trend Report: Big Beads, Western Flair, White MetalsAssociate Editor Natalie Francisco lists the trends she spotted during Jewelry Market Week that will dominate the second half of 2026.
MajorsJun 16, 2026
Sasha Primak Hires New Design DirectorThe manufacturer has tapped Alicia Arnold, the former director of custom design at Tiny Jewel Box.
IndependentsJun 15, 2026
DeBoulle Diamond & Jewelry to Renovate Dallas FlagshipThe revamped, elevated space will feature a two-story Patek Philippe atelier and a rooftop patio for parties.
WatchesJun 15, 2026
G-Shock, Coca-Cola Partner on Bottle-Inspired WatchThe special-edition piece marks the 140th anniversary of the iconic beverage brand.
TrendsJun 15, 2026
Amanda’s Style File: Tiny Charms Are TrendingHere are 13 small charms to inspire your layered looks this summer.
AuctionsJun 12, 2026
16th-Century ‘Hogback’ Diamond Ring Going Up for Auction in LondonFound by a metal detectorist, the ring likely belonged to a wealthy, possibly royal, owner, said Noonans.
CollectionsJun 12, 2026
Chouette Designs To Launch Collection Celebrating All Types of LoveOur Pride Month Piece of the Week, the “Margaux” ring, is part of the wife-and-wife team’s new “Lovestoned” collection.
Events & AwardsJun 12, 2026
CBG Announces Plans for Phoenix ShowThe group has named the keynote speaker and announced a new pavilion for its next event, which is slated for September.
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
MajorsJun 11, 2026
Former Cartier Creative Director To Head Chanel’s Jewelry Creation StudioMarie-Laure Cérède will join Chanel as the new director of its jewelry creation studio, starting in October.
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.
SourcingJun 11, 2026
Signet Jewelers Exec Joins Diamonds Do Good BoardIlana McCabe is Signet’s vice president of public relations and brand communications.
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for ReorganizationThe approval means the retailer is on track to exit bankruptcy proceedings this summer.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
