UK-based colour gemstone miner Gemfields reported positive results from its recent auction of high-quality rough emeralds held between 13th and 30th May, 2024.
The auction yielded a total of $35 million, with 43 out of 46 offered lots finding buyers, at a 93% sell-through rate. The average price per carat reached $167.51, which is on par with the record set in the previous May 2023 auction.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “We are very pleased to report robust auction results despite slightly softer market conditions. Today’s result demonstrates that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels. The overall price per carat for the lots sold echoes the record figure achieved in Kagem’s preceding high quality auction of May 2023. It should however be noted that today’s figure has been skewed by the fact that two of the unsold lots were among the lower qualities offered at the auction.
“We now look forward to our forthcoming mixed-quality ruby auction in June 2024 and the next commercial-quality emerald auction in September 2024.”
The rough emeralds originated from Kagem, a mine in Zambia co-owned by Gemfields and the Industrial Development Corporation of Zambia. All proceeds from the auction will be repatriated to Kagem, with royalties paid to the Zambian government.
The auction attracted bids from 60 companies across multiple jurisdictions.