Gemfields will not hold its scheduled auction of high-quality emeralds in November due to a dearth of supply.
The miner, which owns the Kagem emerald mine in Zambia, explained last month that the site was currently producing only lower-value stones and lacked goods for a sale. Any high-quality stones it already has will carry over into 2024.
“Gemfields has taken this decision as a result of the generally lower quality and quantity of emerald production at Kagem in recent months…which would result in a suboptimal auction offering,” for its clients, the miner said.
The company held an auction of commercial-quality emeralds between August 29 and September 15, which yielded $25.5 million for 3.39 million carats. All 43 lots on offer found buyers.
“We are, of course, disappointed to withdraw our auction of higher-quality emeralds,” said Adrian Banks, the miner’s managing director of product and sales. “Emeralds are a natural product, and the variability in quality and quantity of production is a characteristic feature of colored-gemstone deposits. We have seen such periods in the past and always wish to ensure that we only proceed with an auction where we can table an industry-leading offering for our clients.”
Image: Emeralds from the Kagem mine. (Gemfields)