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
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
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.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
