Gemfields announce the results of an emerald auction comprised of commercial-quality rough emeralds held during the period 6 March – 24 March 2023.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented said, “Gemfields’ first auction of 2023 has yielded a sound outcome. While it is evident that the market has normalised appreciably following the exuberance we experienced in 2022, this auction delivered the third highest price per carat that we’ve seen across our 21 auctions of commercial quality emeralds from Kagem, a sign that the market remains in good shape.”
The auction lots were made available for private, in-person viewings by customers in Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields, which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
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.
Overall takeaways of March 2023, Commercial-Quality Emerald Auction, are;
1: Total auction revenues of USD 21.2 million,
2: 29 lots were offered for sale, of which 25 were sold (86%),
3: Average price of USD 7.13 per carat,
4: 95% of the carats offered were sold &
5: The 44 auctions of Kagem gemstones held since July 2009 have generated USD 920 million in total revenues.
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