Gemfields announce the results of a mini-auction held from 19 to 21 February 2025 of previously unsold higher-quality emeralds from the November 2024 auction.
Gemfields highlights auction of previously unsold higher-quality emeralds – February 2025 and earned auction revenues of USD 4.8 million. 10 of the 13 lots were sold (77%) with 45,864 carats sold out of 59,192 carats on offer (77%). Average sales price of USD 105.49 per carat.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented, “This auction was solely comprised of unsold lots from Kagem’s November 2024 higher-quality emerald auction, some three months ago. The composition of the schedules on offer remained unchanged, providing Gemfields with a rare opportunity to directly compare demand and pricing between two auctions.
It was pleasing to receive notably higher bids, resulting in 10 of the 13 unsold lots being successfully sold in this auction. Although market sentiment remains clearly subdued, it is encouraging to see improvement in both demand and pricing. We extend our best wishes to our Auction Partners ahead of the upcoming trade shows in Bangkok and Hong Kong.”
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.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union (withdrawal) act 2018 (MAR).
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