Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Generates emerald revenue of $16.1 million at the second auction in 2024 that took place between November 4 and 21. For May 13 to 30, it recorded revenue of $35.0 million. In an auction in May and June 2023, revenue was $43.7 million. At the November 2024 auction, the average price of $113.96 per carat.
The rough emeralds sold were extracted by Kagem emerald mine in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corp of Zambia. ‘While the top quality lots in this auction saw bidding within touching distance of our all-time records for emeralds, the overall result for this auction is very disappointing, driven by fewer and poorer bids for lesser quality grades,’ says Adrian Banks, Gemfields’ managing director of product & sales. Banks says the company continues to see emerald market dynamics considerably disturbed by a competing Zambian emerald producer, which holds regular auctions.
Current London stock price: 9.50 pence
12-month change: down 19%
Current Johannesburg stock price: R 2.11, up 0.5%
12-month change: down 30%
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