Gemfields’ November 2024 Higher-Quality Emerald Auction Yields $16.1 Million
Gemfields has announced the results of its November 2024 higher-quality emerald auction, generating total revenues of USD 16.1 million. The auction, held from 4–21 November, saw 70% of the 43 lots offered successfully sold, amounting to 141,084 carats out of 200,460 available.
While the auction achieved an average price of USD 113.96 per carat, Adrian Banks, Managing Director of Product & Sales, expressed mixed sentiments:
“The top-quality lots achieved bids near record levels, but the overall result was disappointing, driven by fewer and weaker bids for lower-quality grades.”
The emerald market is facing turbulence, attributed partly to increased competition from another Zambian producer holding frequent auctions with reportedly lower prices.
Despite these challenges, Gemfields emphasized its commitment to stabilizing the market by withholding lots that did not meet satisfactory bids.
The rough emeralds were mined by Kagem in Zambia, a partnership between Gemfields (75%) and Zambia’s Industrial Development Corporation (25%).
Proceeds will be fully repatriated to Zambia, with royalties paid to the government. The auction, conducted via a sealed-bid online platform, followed private viewings in Bangkok.
This auction contributes to a cumulative USD 1.068 billion in revenues from 50 Kagem gemstone auctions since 2009.
The results of the five most recent Higher-Quality Kagem auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com):
