Gemfields’ latest auction of higher-quality rough emeralds generated US$35 million, with 93 per cent of lots offered being sold to signal strong appetite for Zambian gems.

According to the company, 43 out of 46 lots were snapped up at the sale, which was held from May 13 to 30, 2024, while average prices reached US$167.51 per carat. 

This brings overall revenues from 48 auctions of emeralds from the Kagem mine to US$1.04 billion since July 2009.

Gemfields’ Managing Director of Product & Sales Adrian Banks described the auction results as “robust” amid softness in the market, adding that strong sales “demonstrate that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels.”

He added that overall price per carat echoed record figures achieved in May 2023 of US$165.55. 

Rough emeralds sold at the event were extracted by Kagem, 75 per cent of which is owned by Gemfields while the remaining 25 per cent belongs to the Industrial Development Corporation of Zambia. “Proceeds of this auction will be fully repatriated to Kagem in Zambia with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction,” added Gemfields.

The company is scheduled to hold a mixed-quality ruby auction in June 2024 and a commercial-quality emerald auction in September 2024.