Sourcing

Gemfields’ September Auctions Bring Mixed Results

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 rough ruby emerald
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 … 

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

Gold bracelets and bangles
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers List

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

Buccellati Opera high jewelry bracelet
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1

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

Rolex Datejust ref. 16233
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches

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

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

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

Jean Dinh Van Orgue Ring
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With Exhibition

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

Weekly QuizJul 10, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Jake Duneier and Danielle Duneier
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth Generation

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

Boucheron Impermanence Boucheron Dragonfly Earrings and Wisteria Hair Piece
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s Impermanence

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

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

James Avery Cedar Park
MajorsJul 15, 2025
James Avery Expands to 2 More States

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

Eric Ford, Couture’s new brand director and former fine jewelry buyer at Neiman Marcus
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director

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

Bench jeweler holding a ring and a tool
IndependentsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic Manufacturing

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

Guzema Celestial Blue
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone Jewelry

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

Nanis Mykonos Store Exterior and Interior
MajorsJul 14, 2025
Nanis Opens First Store

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

Long’s Jewelers Summer of Love promo
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s Jewelers

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

The Edge and The Edge Retail Academy Logos
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in September

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

Miseno Arco Earrings
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ Earrings

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

James Avery Texas charm
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief Efforts

The jewelry company is one of several contributing to relief efforts in the region after the recent floods.

Kelly Osbourne Engagement Ring
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as Honey

Inspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.

Penny Preville Anniversary Bangles and Penny Preville
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry Design

The brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.

Exterior shot of Alvin Goldfarb Jeweler in Bellevue, Washington
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb Jeweler

Goldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.

LVMH chairman and CEO of the Americas Michael Burke
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the Americas

Longtime LVMH executive Michael Burke has stepped into the role.

A calligraphy sculptural ring made in 18-karat Fairtrade gold (Photo by: Jamie Trounce)
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC

Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.

Vickie Rokkos
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales Director

Vickie Rokkos has joined the jewelry company as its new national sales director of North America.

Mikimoto The Bows high jewelry necklace
SurveysJul 09, 2025
Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says

Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.

1 NJ-Supplier-Bulletin-Snake-One.jpg
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show Tips

Sponsored by Rio Grande Jewelry Supply

Cece Jewellery For the Love of Fruits Pendants
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s Sweetness

The “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.

Graphic showing images from National Jeweler’s top 5 stories 2025
EditorsJul 09, 2025
The Most-Read Stories of 2025, So Far

Diamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy