Gemfields' Zambia Kagem Emerald Auction Generates $29.6 Million in Revenue

en.Wedoany.com Reported - On September 11, Gemfields announced the results of its latest commercial-grade rough emerald auction from the Kagem emerald mine in Zambia. The auction was held from August 24 to September 10, during which 3,047,650 carats of commercial-grade emeralds were sold. All 44 auction lots were sold, generating sales revenue of $29.6 million, with an average selling price of $9.72 per carat.

This auction adopted a format of in-person viewing in Jaipur, India, combined with online bidding, with a total of 63 companies participating in the bidding. Gemfields holds a 75% interest in the Kagem mine, while the Industrial Development Corporation of Zambia holds the remaining 25%. Gemfields stated that the proceeds from this round of sales will be repatriated to Kagem in Zambia and that the relevant mining royalties will be paid to the Zambian government in accordance with regulations.

This was Kagem's first commercial-grade emerald auction in about nine months. The previous auction of the same type was held from November 17 to December 4, 2025, offering a total of 3,656,830 carats across 46 lots, of which 3,406,830 carats and 45 lots were ultimately sold, generating sales revenue of $25.4 million at an average selling price of $7.46 per carat. In this round, despite supply dropping to 3,047,650 carats, all 44 lots were sold, and the average selling price rose to $9.72 per carat.

In May of this year, Gemfields also completed an auction of high-quality Kagem emeralds, at which 183,385 carats out of 185,135 carats of rough stones were sold, with 36 of 37 lots sold, generating revenue of $26.8 million at an average price of $146.08 per carat. Commercial-grade and high-quality emeralds are organized into separate auctions according to different quality combinations, and there is a clear difference in the per-carat price between the two types of auctions.

Gemfields previously disclosed that Kagem maintained a relatively high level of premium emerald output in the first half of 2026, but fuel prices, exchange rate fluctuations, and increased mining activity drove up operating costs. The company will release its full financial and operational results for the first half of 2026 on September 25.