LONDON, 12 SEPTEMBER 2025 Gemfields announces the results of an auction comprised of higher-quality rough emeralds held during the period 25 August – 11 September 2025.
Auction Highlights
• Total auction revenues of USD 32.0 million
• 38 lots were offered for sale, of which all were sold (100%)
• Average realised price of USD 160.78 per carat
• The 52 auctions of Kagem gemstones held since July 2009 have generated USD 1,122 million in total revenues
• The auction included an exceptional gemstone named Imboo (‘buffalo’), weighing 11,685 carats. Imboo is the latest, and largest, remarkable gemstone discovered at the Kagem mine.
Managing Director Comment
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “This September auction marks Kagem’s first high-quality emerald sale since the disappointing result in November 2024. Mining operations at Kagem were suspended in January 2025 in response to market uncertainty and challenges relating to the oversupply of Zambian emeralds. Following signs of recovery at the April commercial-quality auction, two mining points were reopened in May. While the wider market continues to navigate mixed sentiment and tariff uncertainty, today’s auction result has validated these decisions and delivered a highly positive outcome. Strong demand was evident across the grades, with robust prices achieved. We are grateful to our customers for their continued support and recognition of the quality of Kagem’s emeralds, as reflected in the prices realised. As market leaders, we remain committed to managing supply responsibly and in the best interests of our customers and downstream partners. A huge thanks goes out to the Kagem team for their hard work and dedication in achieving this result.”
Auction Process
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.
Ownership and Proceeds
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.
Auction Results Table
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):
Auction Variability Note
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.
Company Overview
ADDITIONAL INFORMATION ON GEMFIELDS Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is 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). In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar.
Business Model
Gemfields has developed a proprietary grading system and a pioneering auction platform to provide a consistent supply of coloured gemstones to downstream markets, a key component of Gemfields’ bus
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