Gemfields reports a 41% price increase in the emerald auction from Zambia's Kagem mine, generating $32 million in revenue with 100% buyer participation. Market recovery signals positive outlook.
Market Recovery Drives Strong Emerald SalesGemfields experienced a sharp turnaround in emerald demand at their recent Bangkok auction.
The mining company sold all 38 lots of rough emeralds between August and September 2024.
Revenue reached $32 million from the complete sellout.
Price Jump Signals Market Confidence
Emerald prices climbed significantly from previous auctions:
- Average price: $161 per carat
- Previous November 2024 price: $114 per carat
- Price increase: 41% jump
The auction featured 199,103 carats of high-quality rough emeralds.
Premium stones included the massive 11,685-carat Imboo emerald recovered last month.
Mining Operations Resume After Suspension
Gemfields had suspended Kagem mine operations in January 2025.
The company cited market uncertainty and oversupply of Zambian emeralds as key factors.
Adrian Banks, managing director of product and sales, explains the timeline:
"Mining operations at Kagem were suspended in January 2025 in response to market uncertainty and challenges relating to the oversupply of Zambian emeralds."
Recovery signs emerged at April's commercial-quality auction.
Two mining points reopened in May following positive market indicators.
Long-Term Performance Track Record
Since July 2009, Gemfields has conducted 52 emerald auctions from the Kagem mine.
Total revenue across all auctions: $1.12 billion
The September 2024 auction marks the first high-quality emerald sale since November 2024's disappointing results.
Market Challenges Persist
Despite the positive auction outcome, uncertainties remain:
- US tariff concerns continue
- Market volatility affects long-term planning
- Supply chain disruptions impact operations
The company reports optimism about market recovery trends.
Strong buyer participation suggests renewed confidence in the quality of Zambian emeralds.
What This Means for Emerald Markets
The successful auction indicates several market shifts:
Demand for high-quality emeralds is returning after the 2024 downturn.
Buyers show willingness to pay premium prices for exceptional stones.
Zambian emeralds maintain their reputation in international markets.
The 100% sale rate demonstrates strong buyer confidence in Gemfields' product quality.
Market recovery appears sustainable based on recent auction performance.
Gemfields achieved strong results at their latest emerald auction from Zambia's Kagem mine, generating $32 million in revenue with prices rising 41% to $161 per carat. All 38 lots sold successfully, marking the first high-quality emerald sale since November 2024's poor performance.
