Dual-listed Gemfields sold only 61% of the commercial-quality rough emeralds on offer at the latest auction, resulting in revenues of $ 10.8 million.
It said 46 lots were offered for sale, of which 28 were sold at an average sales price of $4.47/ct.
The emeralds were recovered from the company's 75%-owned Kagem mine, in Zambia.
"The luxury goods, diamond, and gemstone markets are experiencing distinct headwinds as conflicts, elections, economic uncertainty in China, and broader economic turbulence take their toll," said Gemfields product and sales managing director Adrian Banks.
He said the weaker-than-expected auction result, was worsened in part by a competing emerald producer scheduling their auction to finish in early September 2024, in the middle of Gemfields, and selling through their emeralds at what customers reported as low prices.
"Gemfields remains committed to acting responsibly by withholding auction lots when fair market prices are not achieved, as is demonstrated by the lots we withdrew from our auction, which comprised considerable volume and value,” said Banks.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
