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
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
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.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
CrimeAug 03, 2026
Florida Man Gets 15 Years in Trio of Jewelry Store RobberiesThe 50-year-old man pleaded guilty earlier this year to robbing two jewelry stores and a pawn shop of more than $700,000 in merchandise.
WatchesAug 03, 2026
Citizen's New Spider-Man Watch Is a Collector’s DreamThe watch’s dial features an original design by Marvel comics illustrator Adam Kubert.
Lab-GrownAug 03, 2026
Chatham Releases First Men’s CollectionThe new collection of lab-grown diamond and colored gemstone jewelry provides a “fresh perspective” on the category, Chatham said.
