Gemfields announces the results of an auction comprised of commercial-quality rough emeralds held during the period 27 August – 13 September 2024.
According to the Gemfields, September 2024 Commercial-Quality Emerald Auction, 1: revenues totaled of USD 10.8 million, 2: 46 lots were offered for sale, of which 28 were sold (61%), 3: Average price of USD 4.47 per carat, The 49 auctions of Kagem gemstones held since July 2009 have generated USD 1,052 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.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented, “The luxury-good, diamond and gemstone markets are experiencing distinct headwinds as conflicts, elections, economic uncertainty in China and broader economic turbulence take their toll.
Today’s overall result is weaker than expected, exacerbated in part by a competing emerald producer scheduling their own auction to finish in early September 2024, in the middle of ours, and selling through their emeralds at what customers reported as low prices.
Gemfields remains committed to acting responsibly by withholding auction lots when fair market prices are not achieved, as is demonstrated by the lots we withdrew from our auction which comprised both considerable volume and value. We hope that market conditions improve as we work towards the auction of higher-quality emeralds scheduled for November 2024.”
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 and 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.
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