Changes In the Emerald Market: Challenges and Opportunities
Changes In the Emerald Market: Challenges and Opportunities
September 2024: Mixed Auction Results
In September, Gemfields hosted two pivotal gemstone auctions. The first auction, which focused on commercial-quality sapphires, rubies, and corundum, marked a positive trend with a total revenue of $2.3 million, an increase from $1.5 million in 2023. The event achieved a 100% sale rate, successfully selling all 10 lots, totaling 5.7 million carats, at an average price of $0.41 per carat.
However, the commercial-quality emerald auction during the same period faced softer demand. With total revenue of $10.8 million, only 28 out of 46 lots were sold, representing 61% of the total weight and lot count. Gemfields withdrew 18 lots, amounting to 1.6 million carats, as they did not meet reserve prices. The average price per carat settled at $4.47.
November 2024: High-Quality Emerald Auction
In November, Gemfields conducted its 50th high-quality emerald auction, offering 200,460 carats divided into 43 lots. The auction generated $16.1 million in revenue, with a 70% sale rate by lot and weight. The average price per carat reached $113.96. Despite this milestone, the results were described as "disappointing" due to a competitor introducing lower-priced Zambian emeralds into the market.
December 2024: Ruby Auction Performance
December brought strong results for Gemfields’ mixed-quality ruby auction. The event recorded $46.2 million in revenue, with 95% of lots sold—97 out of 102—totaling 167,865 carats. A record-breaking average price of $321.94 per carat highlighted the enduring demand for rubies, even amidst economic challenges in China and geopolitical uncertainties.
December 2024: Suspension of Emerald Mining
On December 23, 2024, Gemfields announced the temporary suspension of mining operations at its Kagem emerald mine in Zambia. This strategic decision, effective for up to six months, aims to optimize operations and reduce costs by focusing on processing the mine’s existing ore stockpiles during the suspension period.
Discover Zambian Gemstones with SAVVY
As the global gemstone market evolves, SAVVY remains your trusted partner for exceptional Zambian gemstones, including exquisite amethysts. Whether you’re a wholesale buyer or a retail jeweler, our platform offers access to the finest gems that Zambia has to offer. Let us help you explore the unmatched beauty and value of Zambian treasures.