Gemfields Emerald Auction Strong Despite Softening Market

Gemfields saw solid auction results for emeralds from its Kagem mine in Zambia, with record prices despite a weakening market. 

The gem miner achieved $35 million at the sale, which took place in Thailand from May 13 to 30. All but three of the 46 items on offer found buyers, the company reported last week.  

In total, Gemfields sold 208,990 carats of high-quality emeralds, bringing the average price to $168 per carat — just above the $166 per carat that its previous series of emerald auctions achieved a year earlier. 

“We are very pleased to report robust auction results despite slight softer market conditions,” said Adrian Banks, the company’s managing director of product and sales. “Today’s result demonstrates that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels. The overall price per carat for the lots sold echoes the record figure achieved in Kagem’s preceding high-quality auction.” 

However, the overall figure may be slightly skewed, Banks added, since two of the three unsold lots were among the lower qualities on offer at the sale. 

Some 60 companies placed bids, acquiring 93% of the lots. The company’s next auction, for mixed-quality rubies, will take place in June, followed by another emerald sale in September.  

Image: Emeralds from the Kagem mine. (Gemfields)