Gemfields has announced $16.4 million in revenue from its recent auction of commercial-quality rough emeralds mined from its 75%-owned Kagem operation in Zambia. The sale, held in Jaipur, India, from April 11 to 29, saw 32 of 36 lots sold at an average price of $6.87 per carat.
The results reflect a strong rebound from the subdued auction in September 2024, driven by improved buyer confidence and competitive interest across a wider range of quality.
Since July 2009, Gemfields has hosted 51 auctions of Kagem emeralds, earning a total of $1.09 billion. The company emphasized that results can fluctuate due to variations in lot quality, size, and clarity, making direct comparisons between auctions unreliable.
Adrian Banks, Managing Director of Product and Sales at Gemfields, noted that the auction’s overall price performance was boosted by the strategic withdrawal of 112,000 grams of very low-quality material, which made up 18.5% of the total offering.
Banks also acknowledged the contributions of the Kagem team and the Zambian government, which owns a 25% stake in the mine.
