The coloured gemstone miner sold all 38 lots of high-quality rough emeralds from its 75%-owned Kagem mine in Zambia, reaching an average price of $160.78 per carat. The auction, conducted online and in Bangkok, outperformed the company’s previous sale in November 2024, which had faced subdued demand.

The highlight of the auction was the 11,685-carat emerald dubbed “Imboo”—named after the buffalo in Bemba and Lamba dialects. While Gemfields did not disclose the buyer or sale price, estimates based on auction data suggest the stone fetched around $1.9 million.

Adrian Banks, Gemfields’ managing director of product and sales, noted that Imboo has the potential to be cut into multiple fine emeralds suitable for a complete high-jewellery suite, or to serve as a strategic long-term investment.

The successful auction follows a period of disruption at Kagem, which suspended mining in January due to oversupply concerns and market uncertainty. Operations resumed in May, paving the way for the September sale. Industry analysts say the results reflect a stabilising market and growing appetite for emeralds despite ongoing turbulence in the wider gemstone sector.

Zambia, the world’s second-largest emerald producer after Colombia, holds a 25% stake in the Kagem mine through the government-owned Industrial Development Corporation. Gemfields also controls 75% of the Montepuez ruby mine in Mozambique, strengthening its position as a leading supplier of coloured gemstones globally.