Gemfields has announced the results of its September 2026 commercial-quality rough emerald auction, recording total revenues of USD 29.6 million. The auction saw all 44 lots offered successfully sold, achieving an average realised price of USD 9.72 per carat, reflecting strong demand for commercial-quality emeralds.
Quick Summary
- Gemfields announced the results of its commercial-quality rough emerald auction held from 24 August to 10 September 2026.
- The auction generated total revenues of USD 29.6 million.
- All 44 lots offered for sale were sold, representing a 100% sale rate.
- The average realised price reached USD 9.72 per carat.
- A total of 63 companies placed bids in the auction.
- The emeralds were extracted by Kagem in Zambia, which is 75% owned by Gemfields.
- Private, in-person customer viewings were held in Jaipur, India, followed by an online sealed-bid auction.
- The September 2026 auction recorded the highest total sales and highest average per-carat sales value among the five auctions listed in the announcement.
Auction Results: Commercial-Quality Emeralds
Gemfields announces the results of an auction comprised of commercial-quality rough emeralds held during the period 24 August – 10 September 2026.
September 2026 Commercial-Quality Emerald Auction Highlights
• Total auction revenues of USD 29.6 million
• 44 lots were offered for sale and all 44 were sold (100%)
• Average realised price of USD 9.72 per carat
Adrian Banks Highlights Strong Auction Result
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:
“It has been nine months since our last commercial-quality emerald auction, and I am particularly encouraged by this robust result. Viewing activity in Jaipur was intense throughout the auction, reflecting a high level of customer engagement, with very positive feedback regarding both the quality of the emeralds and the composition of the lots offered.
This result demonstrates continued strong demand for commercial-quality emeralds and reflects the solid production performance delivered by Kagem over the past year.
Our sincere thanks go to the entire Kagem mining team for their dedication and hard work, to our government partner, Zambia’s Industrial Development Corporation, for its continued support, and to our customers for their ongoing confidence in Kagem’s emeralds. We wish them every success during the forthcoming international gem and jewellery show season.”
Jaipur Viewings and Online Auction Process
The auction lots were made available for private, in-person viewings by customers in Jaipur, India. Following the viewings, the auction took place via an online auction platform specifically adapted for Gemfields and which permits customers from multiple jurisdictions to participate in a sealed-bid process.
Kagem Emeralds and Auction 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.
Results of the Five Most Recent Commercial-Quality Kagem Auctions
The results of the five most recent commercial-quality Kagem auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com):
Auction Results Table
| Particulars | Mar ’24 Auction | Aug-Sep ’24 Auction | Apr ’25 Auction | Nov-Dec ’25 Auction | Aug-Sept ’26 Auction |
|---|---|---|---|---|---|
| Dates | 5 – 22 Mar 2024 | 27 Aug – 13 Sep 2024 | 11 – 29 Apr 2025 | 17 Nov – 04 Dec 2025 | 24 Aug – 10 Sep 2026 |
| Location | Jaipur, India / Online | Jaipur, India / Online | Jaipur, India / Online | Jaipur, India / Online | Jaipur, India / Online |
| Type | Commercial Quality | Commercial Quality | Commercial Quality | Commercial Quality | Commercial Quality |
| Carats offered | 4,171,375 | 3,978,450 | 3,029,690 | 3,656,830 | 3,047,650 |
| Carats sold | 3,854,950 | 2,423,550 | 2,388,190 | 3,406,830 | 3,047,650 |
| No. of companies placing bids | 50 | 39 | 50 | 55 | 63 |
| No. of lots offered | 43 | 46 | 36 | 46 | 44 |
| No. of lots sold | 40 | 28 | 32 | 45 | 44 |
| Percentage of lots sold | 93% | 61% | 89% | 98% | 100% |
| Percentage of lots sold by weight | 92% | 61% | 79% | 93% | 100% |
| Total sales realised at auction | USD 17.1 million | USD 10.8 million | USD 16.4 million | USD 25.4 million | USD 29.6 million |
| Average per carat sales value | USD 4.45/carat | USD 4.47/carat | USD 6.87/carat | USD 7.46/carat | USD 9.72/carat |
FAQs
What was the average realised price per carat?
The average realised price was USD 9.72 per carat.
Where were the emeralds viewed before the auction?
The auction lots were made available for private, in-person customer viewings in Jaipur, India.
How was the auction conducted?
Following the Jaipur viewings, the auction was conducted through an online auction platform adapted for Gemfields, allowing customers from multiple jurisdictions to participate in a sealed-bid process.
Where were the emeralds extracted?
The rough emeralds sold at the auction were extracted by Kagem in Zambia.
What percentage of Kagem is owned by Gemfields?
Kagem is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
How did the September 2026 auction compare with previous commercial-quality Kagem auctions?
The August-September 2026 auction recorded USD 29.6 million in total sales and an average per-carat sales value of USD 9.72, compared with USD 25.4 million and USD 7.46 per carat respectively in the November-December 2025 auction.
Are the results of different Kagem auctions directly comparable?
Gemfields states that auction mixes and lot quality can vary in characteristics such as size, colour and clarity because of variations in mined production and market demand. Therefore, the results of each auction are not always directly comparable.
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