Editor’s Note
Gemfields’ latest auction demonstrates a resilient recovery, with $25.4 million in revenue marking one of its strongest year-end results despite earlier mine disruptions. The high sell-through rate of 98% underscores robust market demand for commercial-quality emeralds.
Gem producer Gemfields reported $25.4 million in revenue from its November to December auction of commercial-quality rough emeralds, closing the year’s sales with one of the company’s strongest outcomes following earlier disruptions at the Kagem mine, in Zambia.
The auction, held through private viewings in Jaipur, India followed by an online sealed-bid process, offered 46 lots of rough emeralds. Gemfields said 45 lots were sold, representing 98% of lots on offer, with an average price of $7.46/ct. Nearly 3.66 million carats were made available, of which about 3.41 million carats were sold.
the result concludes a difficult operational year during which mining at Kagem was temporarily suspended in the first half.
Banks was of the view that the firm pricing seen across all quality categories demonstrated that the pressures experienced at the end of 2024 and early 2025 had largely subsided.
He added that market sentiment had strengthened and the sustained demand observed since the third quarter continued to support sales performance.
Gemfields noted that auction mixes varies by size, colour and clarity as mined output and market demand fluctuated, and that results between auctions were therefore not directly comparable.
The company reported that Kagem’s 53 auctions since July 2009 had generated $1.15 billion in total revenue. Commercial-quality auction results during recent cycles included $25.5 million achieved in August to September 2023 at an average price of $7.51/ct, $17.1 million in March 2024 at $4.45/ct, $10.8 million in August to September 2024 at $4.47/ct, and $16.4 million in April at $6.87/ct.