Gemfields reports strong demand for Kagem emeralds in September auction
Gemstone miner Gemfields earned revenue of $32-million from an auction of higher-quality rough emeralds recovered from its 75%-owned Kagem emerald mine, in Zambia.
The auction was held from August 25 to September 11, and all 38 lots on offer were sold, with an average realised price of $160.78/ct.
The auction included an exceptional gemstone named Imboo, or buffalo, weighing 11 685 ct, with this being the latest, and largest, remarkable gemstone discovered at the Kagem mine. Gemfields did not disclose who this gemstone was sold to or for how much.
“This September auction marks Kagem’s first high-quality emerald sale since the disappointing result in November 2024. Mining operations at Kagem were suspended in January in response to market uncertainty and challenges relating to the oversupply of Zambian emeralds.
“Following signs of recovery at the April commercial-quality auction, two mining points were reopened in May,” Gemfields product and sales MD Adrian Banks explains.
“While the wider market continues to navigate mixed sentiment and tariff uncertainty, today’s auction result has validated these decisions and delivered a highly positive outcome. Strong demand was evident across the grades, with robust prices achieved,” he adds.
The auction lots were made available for private, in-person viewings by customers in Bangkok.
Following the viewings, the auctions 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.
The 52 auctions of Kagem gemstones held since July 2009 have generated $1.12-billion in total revenues, the company points out.
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