Gemfields sells fewer emeralds as economic turbulence, conflicts take their toll
Only 61% of emeralds on offer at Johannesburg- and London-listed Gemfields' latest auction were sold, resulting in total auction revenues of $10.8-million and an average sales price of $4.47/ct.
Forty-six lots were put on offer for the auction from August 27 to September 13, but only 28 lots were sold.
"The luxury-goods, diamond and gemstone markets are experiencing distinct headwinds as conflicts, elections, economic uncertainty in China and broader economic turbulence take their toll," comments Gemfields product and sales MD Adrian Banks.
He adds that the weaker-than-expected result was exacerbated, in part, by a competing emerald producer scheduling its own auction to finish in early September, in the middle of Gemfields' auction 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," Banks says.
The emeralds on offer were recovered from Gemfields' 75%-owned Kagem mine, in Zambia.
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