Gemfields announced the results of the most recent auction comprised of commercial-quality rough emeralds from its Kagem mine in Zambia, held from 27 August to 13 September 2024.
A total revenue of $10.8 million was generated from the sale. Forty-six lots were offered for the sale, of which 28 lots were sold representing only 61 percent. Average price per carat was $4.47.
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, said Gemfields.
Adrian Banks, Gemfields’ managing director of Product & Sales, said: “The luxury-good, diamond and gemstone markets are experiencing distinct headwinds as conflicts, elections, economic uncertainty in China and broader economic turbulence take their toll. Today's overall result is weaker than expected, exacerbated in part by a competing emerald producer scheduling their own auction to finish in early September 2024, in the middle of ours, and selling through their emeralds at what customers reported as low prices. Gemfields remains committed to acting responsibly by withholding auction lots when fair market prices are not achieved, as is demonstrated by the lots we withdrew from our auction which comprised both considerable volume and value. We hope that market conditions improve as we work towards the auction of higher-quality emeralds scheduled for November 2024.”
The auction lots were made available for private, in-person viewings by customers in Jaipur, India. Following the viewings, the auction 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.
25-09-2024
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