FOR IMMEDIATE RELEASE
WITH PICTURE
NOVEMBER 22, 2024
Auction Results – Higher-quality emeralds
LONDON – Gemfields announces the results of an auction comprised of higher-quality rough emeralds held during the period 4 – 21 November 2024.
Highlights: November 2024 Higher-Quality Emerald Auction
- Total auction revenues of USD 16.1 million
- 43 lots were offered for sale of which 30 were sold (70%)
- 141,084 carats of 200,460 offered were sold (70%)
- Average price of USD 113.96 per carat
- The 50 auctions of Kagem gemstones held since July 2009 have generated USD 1,068 million in total revenues
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:
“While the top quality lots in this auction saw bidding within touching distance of our all-time records for emeralds, the overall result for this auction is very disappointing, driven by fewer and poorer bids for lesser quality grades.
While the wider luxury and gemstone markets are undeniably facing challenging times, customer attendance and engagement at the auction were good, as is evidenced by the strength of bidding for the top quality lots on offer.
As reported at the time of our September 2024 commercial-quality emerald auction, we continue to see emerald market dynamics considerably disturbed by a competing Zambian emerald producer who is holding regular auctions (September, October and November, with the latter commencing today, 22 November 2024, in Dubai and promoted as the ‘largest emerald auction in history’) and selling through their emeralds at what customers are reporting as low prices. We believe this is a transient market dynamic and does not reflect a medium- or long-term structural change in supply or market demand.
Gemfields remains committed to leadership and market stability. As demonstrated by today’s auction, we have taken proactive steps to support the market by withholding certain lots that did not achieve satisfactory bidding. We believe this approach helps foster a more secure and sustainable market for all stakeholders including our customers.”
The auction lots were made available for private, in-person viewings by customers in Bangkok. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
The rough emeralds sold were extracted by Kagem (which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.
The results of the five most recent Higher-Quality Kagem auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com):
* Includes the 37kg ‘Kafubu Cluster’, which comprised 44% of the weight offered at the auction.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore the results of each auction are not always directly comparable.
-Ends-
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helena.choudhury@gemfields.com / albertina.namburete@gemfields.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union (withdrawal) act 2018 (“MAR”).
ENQUIRIES
| GEMFIELDS | Sean Gilbertson / David Lovett / Ian Hughes ir@gemfields.com T: +44(0) 20 7518 3400 |
| SPONSOR (JSE) | Investec Bank Limited |
| NOMINATED ADVISER (AIM) & BROKER | Panmure Liberum Scott Mathieson / Kieron Hodgson / Amrit Mahbubani / John More T: +44(0) 20 3100 2222 |
| GEMFIELDS HEAD OFFICE PR, LONDON | Helena Choudhury / Albertina Namburete helena.choudhury@gemfields.com / albertina.namburete@gemfields.com |
MEDIA CONTACT
Enquiries
Gillian Langmead
Langmead & Baker Ltd
Tel: +260 979 060705
info@langmead.com
Head office
Helena Choudhury
Head of PR and Communications
Tel: +44 (0)207 518 3420 / +44 (0)7493 237598
helena.choudhury@gemfields.com
Albertina Namburete
PR Manager
Tel: +44 (0)783 325 7387
Albertina.namburete@gemfields.com
About Gemfields
Gemfields is a world-leading responsible miner and marketer of coloured gemstones. The operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the world’s single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), Gemfields believes that those who mine gemstones should do so with transparency, legitimacy and integrity.
Gemfields introduced a technologically advanced coloured gemstone sort house at its operation in Mozambique, with state-of-the-art equipment, like optical sorting machines. In addition, a proprietary grading system, a pioneering auction platform and an active marketing presence have all contributed to Gemfields playing a significant role in the rise of African gemstones. Underlying this achievement has been the strong belief that coloured gemstones should create a positive impact for the country and community from which they originate.
Responsible mining for Gemfields means implementing industry-leading policies and practices across operations, transparency in its auction sales process, an active role in working groups to modernise the sector, projects to improve health, education and livelihoods for the communities around its mines and conservation efforts (#conservationgemstones) to protect Africa’s great wildlife and biodiversity.
Gemfields Foundation is the charitable arm of Gemfields, through which donors can contribute funding to directly support community and conservation projects in Africa, magnifying the scale of the work already carried out by Gemfields itself.
Fabergé – an iconic name with an exceptional heritage – is a member of the Gemfields Group. The beauty of Fabergé’s designs and craftsmanship helps to raise consumer awareness of responsibly mined coloured gemstones.
As well as supplying a significant share of the world’s rough rubies and emeralds, Gemfields initiates activations to build desire for coloured gemstones: for example, collaborations with international jewellery brands and other creative partners. Often surprising, unexpected and unique, these collaborations are chosen to promote consumer awareness and increase the appeal of coloured gemstones, raising their profile, and, in turn, providing greater benefit to their place of origin in Africa.
About Kagem Mining
Kagem Mining Ltd, based in Lufwanyama, is believed to be the world’s single largest producing emerald mine. Kagem is 75% owned by Gemfields, in a model partnership with the Zambian government.
Kagem aims to emulate the values of Gemfields and operate in a way that contributes positively to the national economy, while taking a leading role in modernising the coloured gemstone sector and building sustainable livelihoods for the communities around the mine. Kagem believes that coloured gemstones should be mined and marketed by championing three key values – transparency, legitimacy and integrity.
Gemfields is a world-leading responsible miner and marketer of coloured gemstones. In addition to Kagem, Gemfields is the operator and 75% owner of Montepuez Ruby Mining in Mozambique (at one of the most significant recently discovered ruby deposits in the world), as well as bulk sampling licences in Ethiopia, amongst others.
Gemfields has developed a proprietary grading system and a pioneering auction and trading platform to provide a consistent supply of coloured gemstones to the global jewellery market.
Fabergé – an iconic name with an exceptional heritage – is a member of the Gemfields Group. The beauty of Fabergé’s designs and craftsmanship, helps to raise consumer awareness of responsibly mined coloured gemstones.
As well as supplying a significant share of the world’s rough rubies and emeralds, Gemfields initiates activations to build desire for coloured gemstones: for example, collaborations with international jewellery brands and other creative partners. Often surprising, unexpected and unique, these collaborations are chosen to promote consumer awareness and increase the appeal of coloured gemstones, raising their profile, and, in turn, providing greater benefit to their place of origin in Africa.
Gemfields: Gemfields.com | Investors | Foundation | Instagram | Facebook | Twitter | YouTube
Fabergé: Fabergé.com | Instagram | Facebook | Twitter | YouTube
Kagem Mining: LinkedIn
Montepuez Ruby Mining: LinkedIn