Gemfields Group (AIM:GEM) told investors that its September commercial-quality emerald auction generated total revenue of $29.6 million, with all 44 lots on offer sold.
The average realised price of $9.72 per carat marks a step up from the $7.46 per carat achieved at the previous auction in November and December, and continues a run of rising per-carat values across the last five sales.
The emeralds were mined by Kagem, majority-owned by the Zambia-focused coloured gemstone miner and 25% held by Zambia's Industrial Development Corporation.
"It has been nine months since our last commercial-quality emerald auction, and I am particularly encouraged by this robust result," said Adrian Banks, Gemfields' Managing Director of Product & Sales.
He said viewing activity in Jaipur was intense throughout the auction, with customers responding positively to both the quality of the emeralds and the composition of the lots.
Proceeds will be fully repatriated to Kagem in Zambia, with royalties paid to the Zambian government on the full sales value achieved.
The auction ran from 24 August to 10 September, combining private in-person viewings in Jaipur with a sealed-bid online platform open to buyers across multiple jurisdictions.
News Intelligence what this means for the company
Gemfields' September emerald auction cleared all 44 lots for $29.6 million at $9.72 per carat, the highest per-carat price the commercial-quality format has achieved and a 30% jump from the prior auction's $7.46 per carat. This marks the fifth consecutive sale with rising per-carat values, signalling sustained demand strength for Kagem's emeralds despite the nine-month gap since the last commercial-quality auction.
The auction result reinforces Kagem's ability to command premium pricing in a recovering coloured-gemstone market, offsetting the operating-cost pressures from higher fuel prices, exchange-rate pressure, and increased mining activity that have weighed on margins. However, the company's overall earnings depend on the frequency and scale of auctions across both emerald and ruby assets; a single strong emerald sale does not resolve the ruby production challenges flagged in prior guidance.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
