Sourcing

Gemfields Holds Mini Auction for Higher-Quality Emeralds

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 higher quality emerald 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 … 

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. 

The Latest

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Bulova 150 Art Deco Miss America Watch, 150 Art Deco Pocket Watch
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco Watches

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen
MajorsMar 26, 2025
QVC Group Appoints New President

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

Jewelers of America’s new logo
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

Weekly QuizMar 21, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Christies regent kashmir sapphire and regal Burmese ruby
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat Ruby

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

Diamond earrings held in gloved hand
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft Recovered

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Emmanuel Raheb CEO of Smart Age Solutions
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More Jewelry

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

Pomellato Nudo High Jewelry Campaign
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic Design

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

Jamie Singleton, Bill Brace, Rebecca Wooters, Bill Luth
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid Turnaround

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

Sothebys Watchcheck
WatchesMar 24, 2025
Sotheby's Now Offers Watch Repair Services

The auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.

Swarovski lab-grown diamond Galaxy earrings
FinancialsMar 21, 2025
Swarovski Says Its Lab-Grown Diamond Sales Doubled in 2024

The company also noted record sales in the United States and a strong performance in its jewelry category.

Til Death Ring by Marrow Fine
TrendsMar 21, 2025
Piece of the Week: Marrow Fine’s ‘Til Death’ Ring

After the black enamel band became a best-seller for the brand, it has now launched an enamel ring personalization program.

Korman Fine Jewelry Austin store
IndependentsMar 20, 2025
Korman Fine Jewelry’s New Store Is Double the Size

The Austin, Texas, jeweler’s new 11,000-square-foot store is set to open this summer.

JCK Rocks 2025
Events & AwardsMar 20, 2025
JCK Rocks to Feature Snoop Dogg, Jason Derulo

The rapper and singer-songwriter will perform at Tao Beach on June 8.

Conversations with Chris Ploof YouTube Video Series
TechnologyMar 20, 2025
Chris Ploof, Severine Ferrari Launch YouTube Video Series

“Conversations with Chris Ploof” covers tips for men buying wedding bands, behind-the-scenes footage of Ploof in his studio, and more.

Limelight Lab Grown Diamond store in India
Lab-GrownMar 20, 2025
Beyond Jewelry: Possibilities in the Lab-Grown Diamond Sector

As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.

Lab-grown diamond engagement ring
MajorsMar 19, 2025
Signet Jewelers to Close Stores, Cut Staff Amid Declining Sales

The moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.

Zoë Kravitz in Rush Hour Collection
CollectionsMar 19, 2025
Jessica McCormack’s New Collection Elevates Office Wear

The “Rush Hour” campaign stars Zoë Kravitz in bold, wearable pieces designed to make a statement in the workplace.

Gallet Flying Officer watch
WatchesMar 19, 2025
Breitling Acquires Another Watch Brand From the 1800s

Breitling is reviving Gallet, which was founded in 1826 and is known for making watches used in the early days of long-distance travel.

Mediterranean Blue diamond
AuctionsMar 19, 2025
10-Carat Fancy Vivid Blue Diamond Expected to Sell for $20M

Dubbed the “Mediterranean Blue,” this “remarkably rare” diamond will be part of Sotheby’s May jewelry auction in Geneva.

American Gem Society Jewelry Evaluation Advisor logo
MajorsMar 19, 2025
AGS Adds New Program, Relaunches CSA

The American Gem Society now offers a Jewelry Evaluation Advisor designation as well as an updated Certified Sales Associate designation.

Beck pieces created for residency at Trove
CollectionsMar 18, 2025
Beck Debuts New Collection as Trove’s Latest Designer-in-Residence

Rebecca Zeijdel-Paz created more than 75 new pieces for the residency, which will be on display at Trove’s store in New York through April.

National Jeweler columnist Peter Smith
ColumnistsMar 18, 2025
Peter Smith: The Importance of Culture in Hiring

Smith explores why a qualified candidate might still not be right for the job.

Finks Jewelers Emmy award
Events & AwardsMar 18, 2025
Fink’s Jewelers Is Now a Regional Emmy Winner

The company and its marketing agency, Loudr, were recognized for the “Make You Dance” marketing campaign.

Citizen premiere
WatchesMar 18, 2025
Citizen Announces New Modern Luxury Watch Category

The “Series8” and “Attesa” collections will be grouped under Citizen Premier.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy