Gemfields’ Higher-Quality Emerald Auction Draws Strong Buyer Interest

Gemfields saw high demand for higher-quality rough emeralds from its Kagem mine, yet the miner continues to stay cautious amid geopolitical and macroeconomic challenges.

The miner brought in $26.8 million from the sale of 183,385 carats at its recent auction, it said last week. The lots sold for an average price of $146 per carat, down from $161 per carat in September of last year. Some customers experienced additional financial pressure as the Indian rupee decreased by around 10% against the US dollar since Kagem’s previous high-quality auction.

Of the 37 lots on offer, 36 found buyers at the May 4 to 21 sale, which took place via an online platform, representing 97% of total goods. 

“The market is presently exercising a degree of caution, influenced by ongoing geopolitical tensions and prevailing macroeconomic uncertainty,” said Adrian Banks, managing director of product and sales at Gemfields. “That said, competition and pricing for the top-tier emeralds remained particularly strong, reflecting the rarity and continued desirability of exceptional gems.”

Gemfields owns 75% of the Kagem mine, while Zambia’s Industrial Development Corporation holds 25%.

Image: Rough emeralds from Kagem mine. (Gemfields)