Gemstone miner Gemfields has generated $32 million in revenue from a recent auction of higher-quality rough emeralds sourced from its 75%-owned Kagem mine in Zambia.
Held from August 25 to September 11, the auction saw all 38 lots sold at an average price of $160.78 per carat.
The sale featured an exceptional 11,685-carat gemstone named Imboo (Buffalo) – the largest ever discovered at Kagem.
The strong result signals a market rebound for the company.
Mining operations at Kagem were suspended in January due to emerald oversupply and market uncertainty, following a disappointing auction in November 2024.
Two mining points were reopened in May after signs of recovery emerged during a commercial-quality auction in April.
“While the wider market continues to navigate mixed sentiment and tariff uncertainty, today’s auction result has validated these decisions and delivered a highly positive outcome. Strong demand was evident across the grades, with robust prices achieved,” said Gemfields product and sales managing director Adrian Banks.
Since July 2009, Gemfields has held 52 Kagem auctions, cumulatively generating $1.12 billion in revenue.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
