Gemfields has announced the results of its May 2026 higher-quality rough emerald auction, generating total revenues of USD 26.8 million with 99% of carats sold. The auction, featuring emeralds extracted by Kagem in Zambia, reflected stable demand for premium gemstones despite ongoing geopolitical tensions, macroeconomic uncertainty, and currency-related headwinds impacting buyers.
Quick Summary
- Gemfields recorded USD 26.8 million in revenue from its May 2026 higher-quality emerald auction
- 36 out of 37 lots were sold, representing a 97% sell-through rate
- 183,385 carats were sold out of 185,135 carats offered
- Average realised price stood at USD 146.08 per carat
- Top-tier emeralds continued to witness strong competition and pricing
- Auction viewings were held in Bangkok with bidding conducted online
- Gemfields also announced adjustments to its ruby auction schedule for 2026 due to lower production and weaker market liquidity
Auction Results – Higher-Quality Emeralds
Gemfields announces the results of an auction comprised of higher-quality rough emeralds held during the period 4 May – 21 May 2026.
Highlights: May 2026 Higher-Quality Emerald Auction
• Total auction revenues of USD 26.8 million
• 36 of the 37 lots offered for sale were sold (97%)
• 185,135 carats were offered for sale with 183,385 carats sold (99%)
• Average realised price of USD 146.08 per carat
Commentary from Adrian Banks
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:
“This auction result demonstrates that, while demand for higher-quality emeralds remains stable, the market is presently exercising a degree of caution, influenced by ongoing geopolitical tensions and prevailing macroeconomic uncertainty. That said, competition and pricing for the top-tier emeralds remained particularly strong, reflecting the rarity and continued desirability of exceptional gems. It should also be recognised that the Indian Rupee has depreciated by approximately 10% against the US Dollar since Kagem’s previous higher-quality auction held in September 2025, creating an additional headwind for many customers.
We would like to thank the Kagem team for their considerable hard work and dedication in delivering this auction and also extend our appreciation to the Government of the Republic of Zambia, Kagem’s 25% shareholder, for its continued partnership and support.”
Auction Process and Participation
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.
Kagem Emerald Production and Ownership
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.
Historical Performance of Higher-Quality Kagem Auctions
The results of the five most recent Higher-Quality Kagem auctions are summarised below:
Note on November 2024 Second-Round Auction
The table above excludes the special ‘second-round’ auction of unsold lots from the November 2024 high-quality auction, which were re-offered for sale in February 2025 while Zambia’s 15% export duty was in effect.
The special ‘second-round’ auction of previously unsold lots achieved revenues of USD 4.8 million with 10 of the 13 lots sold (77%), representing 45,864 carats sold out of 59,192 carats on offer (77%) at an average sales price of USD 105.49 per carat.
Variations in Auction Comparisons
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.
Adjustment to Ruby Auction Schedule
Due to lower-than-expected ruby production at Montepuez Ruby Mining, combined with concerns about a lack of liquidity in the ruby market and ongoing tempered Chinese demand, Gemfields has reviewed the ruby auction schedule for the remainder of 2026. Gemfields presently expects to host a smaller-than-usual June auction of selected grades to suit prevailing market demand and will maintain flexibility as to the size, frequency and timing of ruby auctions for the remainder of 2026.
Gemfields intends to provide a further update on the ruby auction schedule and broader outlook, both in respect of the production profile at MRM and the wider market backdrop, following the completion of the June auction.
FAQs
What was the total revenue generated from the May 2026 Gemfields emerald auction?
The auction generated total revenues of USD 26.8 million.
How many carats were sold in the auction?
A total of 183,385 carats were sold out of 185,135 carats offered.
What was the average price achieved per carat?
The average realised price was USD 146.08 per carat.
Where were the auction viewings conducted?
The private in-person viewings for customers were conducted in Bangkok.
How was the bidding process conducted?
The bidding took place online through a sealed-bid auction platform adapted specifically for Gemfields.
Why has Gemfields adjusted its ruby auction schedule for 2026?
Gemfields revised the schedule due to lower ruby production at Montepuez Ruby Mining, liquidity concerns in the ruby market, and tempered Chinese demand.
Who owns Kagem emerald mine?
Kagem is owned 75% by Gemfields and 25% by the Industrial Development Corporation of Zambia.
Source: SVAR Media Network
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