Coloured gemstone miner Gemfields reported “very disappointing” auction results, owing to lacklustre appetite for lesser-quality goods. Finer gems, however, saw strong bidding.

The auction, comprised of higher-quality rough emeralds from the Kagem mine, was held from November 4 to 21, 2024. Total revenues reached US$16.1 million, with 30 of the 43 lots offered having been sold. Average price per carat is US$113.96.

Adrian Banks, Gemfields’ managing director of Product & Sales, commented, “While the top-quality lots in this auction saw bidding within touching distance of our all-time records for emeralds, the overall result for this auction is very disappointing, driven by fewer and poorer bids for lesser-quality grades.”

Amid continued challenges in the wider luxury and gemstone markets, Banks said customer attendance and engagement at the auction were promising, as is evidenced by solid bidding for finer lots. Meanwhile, the miner withheld certain lots that did not achieve satisfactory bidding.

The Gemfields official also cited competition as having had an impact on its latest auction.

“As reported at the time of our September 2024 commercial-quality emerald auction, we continue to see emerald market dynamics considerably disturbed by a competing Zambian emerald producer who is holding regular auctions and selling through their emeralds at what customers are reporting as low prices,” continued Banks. “This is a transient market dynamic and does not reflect a medium- or long-term structural change in supply or market demand.”