Gemfields announces the results of an auction comprised of higher-quality rough emeralds held during the period 4 – 21 November 2024. According to the reported highlights of the November 2024 Higher-Quality Emerald Auction is, 1: Total auction revenues of USD 16.1 million, 2: 43 lots were offered for sale of which 30 were sold (70%), 3: 141,084 carats of 200,460 offered were sold (70%), 4: Average price of USD 113.96 per carat, 5: The 50 auctions of Kagem gemstones held since July 2009 have generated USD 1,068 million in total revenues.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented, “While the top quality lots in this auction saw bidding within touching distance of our all-time records for emeralds, the overall result for this auction is very disappointing, driven by fewer and poorer bids for lesser quality grades. While the wider luxury and gemstone markets are undeniably facing challenging times, customer attendance and engagement at the auction were good, as is evidenced by the strength of bidding for the top quality lots on offer.
As reported at the time of our September 2024 commercial-quality emerald auction, we continue to see emerald market dynamics considerably disturbed by a competing Zambian emerald producer who is holding regular auctions (September, October and November, with the latter commencing today, 22 November 2024, in Dubai and promoted as the ‘largest emerald auction in history’) and selling through their emeralds at what customers are reporting as low prices. We believe this is a transient market dynamic and does not reflect a medium- or long-term structural change in supply or market demand.
Gemfields remains committed to leadership and market stability. As demonstrated by today’s auction, we have taken proactive steps to support the market by withholding certain lots that did not achieve satisfactory bidding. We believe this approach helps foster a more secure and sustainable market for all stakeholders including our customers.”
The auction lots were made available for private, in-person viewings by customers in Bangkok. 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.
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.
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