Coloured gemstone miner Gemfields said economic and political uncertainties combined with a slow China market heavily affected its latest auction of commercial-quality emeralds.

The sale, held from August 27 to September 13 this year, generated total revenues of US$10.8 million, down 58 per cent from US$25.5 million during the same auction period in 2023. 

Only 28 lots were sold at the September 2024 auction, representing 61 per cent of a total of 46 that were up for sale. This was a stark difference from last year when all 43 lots offered were snapped up by buyers. Fewer companies also placed bids during the September 2024 event. 

Gemfields’ Managing Director of Product & Sales Adrian Banks 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."

He said Gemfields withholds auction lots when fair market prices are not achieved, as was demonstrated by lots withdrawn from its auction, which comprised both considerable volume and value.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," added Banks.

The auction lots were made available for private, in-person viewings by customers in Jaipur, India. The rough emeralds were extracted by Kagem, where Gemfields holds a 75 per cent stake. The other 25 per cent is owned by the Industrial Development Corporation of Zambia.