The Kagem emerald mine's current decreased quality and amount of production has forced Gemfields to abandon its November 2023 auction of higher-grade emeralds.
“Emeralds are a natural product and the variability in quality and quantity of production is a characteristic feature of coloured gemstone deposits,” said Gemfields managing director Adrian Banks.
“We have seen such periods in the past and always wish to ensure that we only proceed with an auction where we can table an industry leading offering for our clients.”
Gemfields sold 869,862 carats of commercial and low-quality ruby from its 75%-owned Montepuez Ruby Mining in Mozambique for $1.47 million.
The rubies averaged $1.70 per carat, it claimed.
“The results from [the] auction of commercial and lower quality ruby highlight again that the market remains very healthy,” said Banks.
“We now eagerly await the results of the auction of commercial quality emeralds presently underway.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
