Editor’s Note
This article reports on Gemfields’ successful emerald auction, highlighting the sale of the record-breaking “Imboo” emerald. The full financial results and final sale price for the key lot are detailed in the complete piece.
Ruby and emerald miner Gemfields saw strong demand for its emeralds in a recent auction that marks its first for such stones in almost a year. All its emeralds were sold at the auction held from late August until Thursday.
The lot included a 11,685-carat emerald called “Imboo”, meaning buffalo. This is the largest emerald the group has unearthed yet at its Kagem mine in Zambia. It weighs more than 2.3kg. While the company did not confirm how much the gem was sold for, auction results imply an estimated price of above R33 million.
Gemfields had suffered a disappointing emerald auction result in November 2024 and says it has been struggling with market oversupply of emeralds amid global economic uncertainty, including around tariffs.
It reported on Friday that its latest auction saw 100% of lots sold, up from 70%. While its about $160 per carat result improved more than 40% relative to its last auction, it is still lower than auction results in 2024 and 2023.
Mining operations at its Kagem mine in Zambia were suspended in January in response to market uncertainty and challenges relating to the oversupply. Following signs of recovery at a commercial-quality auction in April, two mining points were reopened in May.
Gemfields MD of product and sales Adrian Banks said in the statement.