Gemfields latest: Commercial Quality Emeralds Auction Results
Gemfields has announced the results of an auction comprised of commercial quality rough emeralds held during the period 29 August – 15 September 2023.
Highlights: August/September 2023 – Commercial Quality Emerald Auction
- Total auction revenues of USD 25.5 million
- 43 lots were offered for sale, of which all 43 were sold (100%)
- Average price of USD 7.51 per carat
- The 46 auctions of Kagem gemstones held since July 2009 have generated USD 989.4 million in total revenues
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. This most recent auction offering of commercial quality emeralds contained a higher than usual proportion of lower value grades.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “We are very pleased indeed to see yet another set of auction results that demonstrate that the emerald market remains in excellent shape and wish our auction partners much success during this important tradeshow season.
Given the generally lower quality and quantity of emerald production at Kagem in recent months, we announced last week the withdrawal of our auction of higher quality emeralds originally scheduled for November 2023. Therefore, this auction of commercial quality emeralds marked the third and final Kagem auction of 2023, bringing Kagem’s total auction revenues for 2023 to USD 90 million. That represents Kagem’s third best auction year ever, with 2021 yielding USD 92.3 and 2022 having been an exuberant standout at USD 149 million.”
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.
