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  • Emeralds from Gemfields’ Kagem mine in Zambia. (Photo courtesy: Gemfields)

Gemfields Fetches Highest Revenue at Emerald Auction


Gemfields achieved $43.7 million, the highest auction revenue for emeralds from its Kagem mine in Zambia, from the sale of 35 lots between 15 May and 1 June 2023 at the emerald auction held in Thailand.


The sales also make another two records: highest average price and highest price per carat paid for a single auction lot, according to the miner. 


Gemfields sold 264,000 carats of high-quality emeralds at an average price of $166 per carat. That compared to $77 per carat at the previous series of emerald auctions in October and November 2022, when the miner sold the 37-kilogram Kafubu Cluster, which comprised 44 percent of the weight offered at the auction. The previous record average price was $156 per carat, which was set in May 2022. 


Adrian Banks, managing director of Gemfields said, as the second auction of 2023, the emerald auction has yielded a positively surprising outcome. “In our last auction of November 2022, we saw the market normalise appreciably when compared with the exuberance of the first half of 2022. We are delighted today to see the market rebound sharply once again, underpinning the step change in market pricing which we reported in 2022,” he added.






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