SourcingFeb 21, 2025
Zambia Lifts 15% Export Duty on Gemstones, Metals SourcingFeb 27, 2025
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.
More on Sourcing
The Latest
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to AccountAs the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
Weekly QuizSep 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s UmbrellaThe two organizations have finalized and signed the affiliation agreement announced in May.
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron JewelsThe single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.
Events & AwardsSep 08, 2025
27 Can’t-Miss Converge Sessions, Events From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
CollectionsSep 05, 2025
Piece of the Week: Jamie Turner’s ‘Victoria’ Necklace The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.
Policies & IssuesSep 05, 2025
Trump Takes Tariffs Case to the Supreme Court Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.
WatchesSep 05, 2025
Patrick Mahomes Is the New Hublot Brand AmbassadorThe Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.
SourcingSep 04, 2025
Lucara Unveils Unusual 37-Carat Pink DiamondThe Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.
Events & AwardsSep 04, 2025
The NYC Jewelry, Antique, & Object Show Returns in NovemberNYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.
SourcingSep 03, 2025
Gemfields Confirms Completion of Fabergé SaleU.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.
MajorsSep 03, 2025
These Are the Nearly 300 Claire’s Stores Set to CloseA new court filing details the locations of the stores that will close, as well as the 830 that will remain open.
MajorsSep 03, 2025
Stuller Releases 2 New Catalogs The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”
TrendsSep 03, 2025
Amanda’s Style File: A Perfect BirthstoneSapphire’s variety of colors make it the perfect birthstone for September.
FinancialsSep 02, 2025
Lab-Grown Diamonds, Lower-Priced Fashion Jewelry Drive Signet Jewelers’ Q2 SalesThe retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.
MajorsSep 02, 2025
Birks CEO Jean-Christophe Bédos Steps DownNiccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.
MajorsSep 02, 2025
Harry Winston Opens Its Largest Flagship in JapanThe three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.
