Gemfields Auction Sees Emerald Prices Improve

Gemfields saw prices increase at the latest auction of commercial-quality rough emeralds from its Kagem mine in Zambia.

The miner achieved $25.4 million from the sale of 45 lots, with 98% of the emeralds finding buyers, the company said last week. The auction took place online, with viewings in Jaipur, India, between November 17 and December 4.

In total, Gemfields sold 3.4 million emeralds at an average price of $7 per carat, up from $4 in September of last year.

The successful results came despite challenges at the Kagem mine in the first half of the year, when the company had to suspend the site’s operations temporarily. Kagem’s auction revenues for 2025 as a whole stand at $79 million, Gemfields reported.

“The firm pricing seen across all quality categories demonstrates that the pressures experienced at the end of 2024 and early 2025 have largely subsided,” said Adrian Banks, the miner’s managing director of product and sales. “Market sentiment has strengthened, and the sustained demand observed since the third quarter of 2025 continues to underpin robust performance.”

Gemfields has held 53 auctions of Kagem emeralds since it launched in July 2009, for a total of $1.15 billion in revenue.

Image: Rough emeralds. (Gemfields)