Gemfields Group Limited (AIM:GEM)'s Kagem-operated higher-quality emerald auction raised USD 26.8m across 36 of 37 lots sold between 4 May and 21 May, signalling continued demand for top-tier stones despite market caution.
The auction offered 185,135 carats and sold 183,385 carats (99%) at an average realised price of USD 146.08 per carat, and Gemfields is the 75% owner and operator of Kagem, a world-leading emerald mine, the company said.
The roughs were mined by Kagem, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia, and the proceeds will be repatriated to Kagem in Zambia with all royalties due to the Government of the Republic of Zambia paid on the full sales prices.
"Competition and pricing for the top-tier emeralds remained particularly strong, reflecting the rarity and continued desirability of exceptional gems," said Adrian Banks, Gemfields' Managing Director of Product & Sales.
Lots were made available for private in-person viewings in Bangkok before sales took place via a Gemfields-adapted sealed-bid online platform permitting customers from multiple jurisdictions to participate.
The USD 146.08 per carat realised in May was below the USD 160.78 per carat achieved at the September 2025 Kagem auction and the USD 165.55 per carat recorded in June 2023.
Gemfields also said lower-than-expected ruby production at Montepuez Ruby Mining, liquidity concerns in the ruby market and tempered Chinese demand have led it to plan a smaller-than-usual June ruby auction and to remain flexible on size, timing and frequency for the rest of 2026, with a further update after the June sale.
