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
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
Events & AwardsOct 26, 2026
Support JFC’s ‘Monster Mash Challenge,’ If You DareVote for which jewelry professional should dress up as a monster to support Jewelers for Children’s annual Halloween fundraiser.
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
FinancialsOct 23, 2026
Kering’s Jewelry Sales Up Double Digits in Q3Boucheron and Pomellato had a strong third quarter, with Kering looking at jewelry as an increasingly important part of its portfolio.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
