SourcingNov 26, 2024
De Beers Stays With ‘A Diamond Is Forever’ for 2024 Holiday CampaignSourcingNov 27, 2024
Gemfields Reports 'Disappointing' High-Quality Emerald Auction Results
The miner said its November sale, which earned $16.1 million, felt the effect of competitive pricing by a rival Zambian producer.
Gemfields’ latest high-quality emerald auction marked its 50th Kagem emerald auction since its first sale 15 years ago.
London—Gemfields reported that its latest high-quality emerald auction brought in $16.1 million.
The November sale marks the 50th Kagem emerald auction for the mining company, which owns the Kagem emerald mine in Zambia in partnership with the Industrial Development Corporation of Zambia.
Gemfields offered 200,460 carats of higher quality rough emeralds from Kagem in 43 lots, which were available for private, in-person viewings by customers in Bangkok prior to the sale.
It was 70 percent sold by lot and 70 percent sold by weight, with an average per-carat price of $113.96.
The sale, comprised of five mini-auctions, took place Nov. 4-21 via an online auction platform specifically adapted for the miner that permits customers from multiple jurisdictions to participate in a sealed-bid process.
“While the wider luxury and gemstone markets are undeniably facing challenging times, customer attendance and engagement at the auction were good, as is evidenced by the strength of bidding for the top quality lots on offer,” said Gemfields Managing Director of Product and Sales Adrian Banks.
Banks added that while bidding for the top quality lots was comparable to that of all-time records for emeralds, the results were “very disappointing,” as lesser quality grades saw fewer and poorer bids.
He said emerald market dynamics are “considerably disturbed” by a competing Zambian emerald producer that is holding regular auctions, at which customers have reported emeralds selling for low prices.
Gemfields previously noted this competitor as having played a role in the weaker-than-expected results of its September commercial-quality emerald auction.
“We believe this is a transient market dynamic and does not reflect a medium- or long-term structural change in supply or market demand. Gemfields remains committed to leadership and market stability,” said Banks.
“As demonstrated by today's auction, we have taken proactive steps to support the market by withholding certain lots that did not achieve satisfactory bidding. We believe this approach helps foster a more secure and sustainable market for all stakeholders, including our customers.”
Though last November’s high-quality emerald auction was canceled, with the miner citing lower quality and quantity of emerald production at Kagem, Gemfields’ high-quality emerald sale in May 2024 earned $35 million—robust results despite slightly softer market conditions, it said.
The miner notes that 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.
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.
Related stories will be right here …
The November sale marks the 50th Kagem emerald auction for the mining company, which owns the Kagem emerald mine in Zambia in partnership with the Industrial Development Corporation of Zambia.
Gemfields offered 200,460 carats of higher quality rough emeralds from Kagem in 43 lots, which were available for private, in-person viewings by customers in Bangkok prior to the sale.
It was 70 percent sold by lot and 70 percent sold by weight, with an average per-carat price of $113.96.
The sale, comprised of five mini-auctions, took place Nov. 4-21 via an online auction platform specifically adapted for the miner that permits customers from multiple jurisdictions to participate in a sealed-bid process.
“While the wider luxury and gemstone markets are undeniably facing challenging times, customer attendance and engagement at the auction were good, as is evidenced by the strength of bidding for the top quality lots on offer,” said Gemfields Managing Director of Product and Sales Adrian Banks.
Banks added that while bidding for the top quality lots was comparable to that of all-time records for emeralds, the results were “very disappointing,” as lesser quality grades saw fewer and poorer bids.
He said emerald market dynamics are “considerably disturbed” by a competing Zambian emerald producer that is holding regular auctions, at which customers have reported emeralds selling for low prices.
Gemfields previously noted this competitor as having played a role in the weaker-than-expected results of its September commercial-quality emerald auction.
“We believe this is a transient market dynamic and does not reflect a medium- or long-term structural change in supply or market demand. Gemfields remains committed to leadership and market stability,” said Banks.
“As demonstrated by today's auction, we have taken proactive steps to support the market by withholding certain lots that did not achieve satisfactory bidding. We believe this approach helps foster a more secure and sustainable market for all stakeholders, including our customers.”
Though last November’s high-quality emerald auction was canceled, with the miner citing lower quality and quantity of emerald production at Kagem, Gemfields’ high-quality emerald sale in May 2024 earned $35 million—robust results despite slightly softer market conditions, it said.
The miner notes that 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.
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.
With this milestone sale, Gemfields is reflecting on the last 15 years of Kagem emerald auctions.
It launched its first auction of rough emeralds from the Kagem mine in July 2009 with a goal of introducing stability and consistent supply to an industry it said was previously unpredictable and limited by fragmented availability.
Gemfields said it also had a vision to improve conditions in local communities, creating both long-term skilled jobs and support roles in the mining industry.
Over the years, the company has adapted its approach to maintain a sustainable supply of gems in response to changing market conditions through developments, such as extending the viewing period and introducing an electronic bidding system.
This year, the miner surpassed $1 billion in total cumulative revenue from its emerald auctions.
More information about Gemfields and the Kagem mine are available on the miner’s website.
More on Sourcing
The Latest
MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
