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Gemfields Holds Mini Auction for Higher-Quality Emeralds
The 13 lots on offer were comprised of material that previously went unsold at the miner’s November auction.
Gemfields’ recent mini auction of higher-quality emeralds was 77 percent sold by lot and by weight. Though market sentiment remains “clearly subdued,” Gemfields said, it noted improvement in both demand and pricing.
London—Gemfields reported its recent mini auction of higher-quality emeralds brought in $4.8 million.
The offering, 59,192 carats higher-quality emeralds in 13 lots, was comprised entirely of unsold lots from the miner’s November 2024 auction.
At the sale, held Feb. 19-21, 10 lots sold.
The auction was 77 percent sold by weight, with 45,864 carats sold.
The average price per carat price was $105.49.
The rough emeralds were sourced from the Kagem emerald mine in Zambia, which is 75 percent owned by Gemfields and 25 percent by the Industrial Development Corporation of Zambia.
As of December, the miner has suspended mining at Kagem for up to six months to focus on processing the mine’s existing ore stockpiles.
The move was one of several cost-cutting measures recently outlined by the company as it faces a weaker luxury market and other challenges.
Related stories will be right here …
The offering, 59,192 carats higher-quality emeralds in 13 lots, was comprised entirely of unsold lots from the miner’s November 2024 auction.
At the sale, held Feb. 19-21, 10 lots sold.
The auction was 77 percent sold by weight, with 45,864 carats sold.
The average price per carat price was $105.49.
The rough emeralds were sourced from the Kagem emerald mine in Zambia, which is 75 percent owned by Gemfields and 25 percent by the Industrial Development Corporation of Zambia.
As of December, the miner has suspended mining at Kagem for up to six months to focus on processing the mine’s existing ore stockpiles.
The move was one of several cost-cutting measures recently outlined by the company as it faces a weaker luxury market and other challenges.
Of the lots offered at the mini auction, Gemfields’ Managing Director of Product and Sales Adrian Banks said, “The composition of the schedules on offer remained unchanged, providing Gemfields with a rare opportunity to directly compare demand and pricing between two auctions.”
“It was pleasing to receive notably higher bids, resulting in 10 of the 13 unsold lots being successfully sold in this auction. Although market sentiment remains clearly subdued, it is encouraging to see improvement in both demand and pricing.”
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, said Gemfields.
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