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
CollectionsJan 28, 2025
Bliss Lau Celebrates the Intricate Mosaic of Identity in New CollectionThe versatile “As We Are” collection features 14 pieces with interlocking designs allowing for 27 different looks worn around the body.
Events & AwardsJan 28, 2025
NouvelleBox Show Returns to New York CityThe showcase, in its second year, will feature more than 20 international brands at its curated event from Feb. 2-4.
Recorded WebinarsJan 28, 2025
Watch: Fine Jewelry Market Predictions for 2025 “My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
Events & AwardsJan 28, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
Weekly QuizJan 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJan 27, 2025
Le Vian Corp. Chairman Larry LeVian, a Man of Faith and Family, Dies at 73 LeVian is remembered for his leadership in the jewelry industry and for being a selfless and compassionate person.
CrimeJan 27, 2025
New Jersey Jeweler Sentenced to 2 1/2 Years for Evading CustomsMonishkumar Kirankumar Doshi Shah pleaded guilty to evading customs on more than $13.5 million of jewelry imported into the U.S.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
SourcingJan 27, 2025
Dev Shetty To Head New Auction House for Rare Colored GemsJemora Gemhouse’s inaugural auction, slated for March, will take place in Dubai and feature polished sapphires.
CollectionsJan 27, 2025
Rachel Quinn Embodies Feelings of Falling in Love in New CollectionQuinn partnered with Gemfields to create “Crazy Love,” which features Zambian emeralds and Mozambican rubies across 10 pieces.
MajorsJan 27, 2025
Arch Crown’s 2025 ‘Tag & Label’ Catalog Is Out Now The catalog is 48 pages and features more than 100 styles.
CollectionsJan 24, 2025
Piece of the Week: Ashley Zhang Jewelry’s Lunar New Year NecklaceThe one-of-a-kind necklace was designed in celebration of the Chinese New Year, as 2025 is the Year of the Snake.
SourcingJan 24, 2025
Ethical Gem Fair Heads Back to Tucson The gemstone show is slated to take place at the Scottish Rite Cathedral.
Policies & IssuesJan 24, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
CrimeJan 23, 2025
4 Men Arrested After Allegedly Plotting to Kidnap JewelerThe suspects are accused of planning to kidnap a Miami jeweler and rob him of his cryptocurrency.
CrimeJan 23, 2025
Security Guard Killed in Armed Robbery at Namibian Diamond Co. Francis “Gosh” Eiseb, 58, was a senior protection officer for Namib Desert Diamonds, also known as Namdia, in Windhoek, Namibia.
SourcingJan 23, 2025
RapNet, AGTA Partner to Launch Gemstone Trading NetworkThe online diamond and jewelry marketplace has expanded, introducing a new platform dedicated to colored gemstone trading.
Events & AwardsJan 23, 2025
Plumb Club Announces Speaker Lineup for Symposium ‘25The second annual learning forum for retailers is slated for March 13 at City Winery in Pier 57 in New York City.
SourcingJan 23, 2025
Fancy Color Research Foundation Names New CEORoy Safit took over the role on Jan. 1.
ColumnistsJan 22, 2025
On Data: How Did Independent Jewelers Fare in 2024? Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
Policies & IssuesJan 22, 2025
Jewelers Mutual Steps Up Aid for LA Jewelry BusinessesThe company also is matching donations made to Jewelers of America and the Diamond Council of America’s Jewelers Relief Fund.
Events & AwardsJan 22, 2025
JA Seeking Nominations for Its Next ‘20 Under 40’ ClassNow in its fourth year, the program is expanding to include a list of “20 Under 40” for jewelry suppliers.
SurveysJan 22, 2025
Holiday Sales Hit Record High, Says NRFCore retail sales during the 2024 holiday season surpassed the National Retail Federation’s forecast.
CollectionsJan 22, 2025
Foundrae’s New Collection Channels the Power of NowThe “Reach for Life” collection uses feather and arrow motifs to invite growth and inner curiosity.
ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretPeter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
TrendsJan 21, 2025
Amanda’s Style File: Decadent Mocha MoussePantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
SourcingJan 21, 2025
Diamonds Do Good Adds 2 Board MembersJulia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
