Editor’s Note
This article details the results of Gemfields’ recent auction of higher-quality rough emeralds, held from late August to mid-September 2025. The report highlights key figures and market trends from the sale.
LONDON, 12 SEPTEMBER 2025
Gemfields announces the results of an auction comprised of higher-quality rough emeralds held during the period 25 August – 11 September 2025.
· Total auction revenues of USD 32.0 million
· 38 lots were offered for sale, of which all were sold (100%)
· Average realised price of USD 160.78 per carat
· The 52 auctions of Kagem gemstones held since July 2009 have generated USD 1,122 million in total revenues
· The auction included an exceptional gemstone named Imboo (‘buffalo’), weighing 11,685 carats. Imboo is the latest, and largest, remarkable gemstone discovered at the Kagem mine.
While the wider market continues to navigate mixed sentiment and tariff uncertainty, today’s auction result has validated these decisions and delivered a highly positive outcome. Strong demand was evident across the grades, with robust prices achieved.
We are grateful to our customers for their continued support and recognition of the quality of Kagem’s emeralds, as reflected in the prices realised. As market leaders, we remain committed to managing supply responsibly and in the best interests of our customers and downstream partners. A huge thanks goes out to the Kagem team for their hard work and dedication in achieving this result.”
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented.
The auction lots were made available for private, in-person viewings by customers in Bangkok. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
The rough emeralds sold were extracted by Kagem (which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). 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.
The results of the five most recent Higher-Quality Kagem auctions are summarised in the table below:
AUCTION RESULTS (HIGHER QUALITY)
| Auction Period | Dates | Location | Type | Carats offered | Carats sold | No. of companies placing bids | No. of lots offered | No. of lots sold | Percentage of lots sold | Total sales realised at auction | Average per carat sales value |
| :— | :— | :— | :— | :— | :— | :— | :— | :— | :— | :— | :— |
| Nov ’22 Auction | 30 Oct – 17 Nov 2022 | Bangkok / Online | Higher Quality | 426,180 | 401,180 | 50 | 37 | 34 | 92% | USD 30.8 million | USD 76.78/carat* |
| May-Jun ’23 Auction | 15 May – 1 Jun 2023 | Bangkok / Online | Higher Quality | 264,132 | 264,132 | 69 | 35 | 35 | 100% | USD 43.7 million | USD 165.55/carat |
| May ’24 Auction | 13 – 30 May 2024 | Bangkok / Online | Higher Quality | 240,000 | 208,990 | 60 | 46 | 43 | 93% | USD 35.0 million | USD 167.51/carat |
| Nov ’24 Auction | 4 – 21 Nov 2024 | Bangkok / Online | Higher Quality | 200,460 | 141,084 | 56 | 43 | 30 | 70% | USD 16.1 million | USD 113.96/carat |
| Sep ’25 Auction | 25 Aug – 11 Sep 2025 | Bangkok / Online | Higher Quality | 199,103 | 199,103 | 65 | 38 | 38 | 100% | USD 32.0 million | USD 160.78/carat |
*Includes the 37kg ‘Kafubu Cluster’, which comprised 44% of the weight offered at the auction.
**Note:** The table above excludes the special ‘second-round’ auction of unsold lots from the November 2024 high-quality auction, which were re-offered for sale in February 2025. This special auction achieved revenues of USD 4.8 million with 10 of the 13 lots sold (77%), representing 45,864 carats sold out of 59,192 carats on offer (77%) at an average sales price of USD 105.49 per carat.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore the results of each auction are not always directly comparable.
-ENDS-