The Zambian emeralds, since being mined through an industrial system by Gemfields, have become an increasingly significant portion of global production. Gemfields, which has conducted 45 auctions of Kagem gemstones since July 2009, accumulating an impressive total revenue of $964 million, has achieved a remarkable feat in its recent emerald auction. This auction set three new records, including the highest-ever revenue of $43.7 million (equivalent to 165.55 per carat), the highest average price per carat, and the highest price per carat paid for a single lot.
The success of this auction adds to the legacy of Adrian Banks, the Managing Director of Product & Sales at Gemfields. He pointed out that this achievement follows a period of market normalization after the previous auction held in November 2022. Banks emphasized the uniqueness of this particular auction. Historical production indicators highlight that the raw material’s price surge has never ceased. This trend is further reinforced by the concentration of lot buyers. The number of buyers capable of making investments of this magnitude is indeed limited.
Gem News published on IGR – Italian Gemological Review #17, Autumn 2023