Gemfields Group Limited recorded auction revenues of $ 26.8 million from its latest higher-quality rough emerald auction held between 4 May and 21 May 2026.
The auction saw 36 of 37 lots sold, with 183,385 carats sold out of 185,135 carats offered, representing a 99% sell-through by weight. The average realized price was USD 146.08 per carat.
The rough emeralds were produced by Kagem Mining in Zambia, which is 75% owned by Gemfields and 25% owned by the Industrial Development Corporation of Zambia. Customers attended private viewings in Bangkok before participating in a sealed-bid online auction conducted through Gemfields’ proprietary auction platform.
Commenting on the results, Adrian Banks, Gemfields’ Managing Director of Product & Sales, said demand for higher-quality emeralds remained stable despite cautious market sentiment linked to geopolitical tensions and macroeconomic uncertainty.
Banks noted that pricing for top-tier emeralds remained firm due to continued demand for exceptional stones. He also highlighted the impact of currency fluctuations, stating that the Indian Rupee had weakened by approximately 10% against the US Dollar since Kagem’s previous higher-quality auction in September 2025, creating additional pressure for buyers.
Compared with Gemfields’ September 2025 higher-quality auction, revenues declined from $ 32 million to $ 26.8 million, while the average price per carat fell from $ 160.78 to $ 146.08. The number of participating companies also reduced from 65 to 57.
Gemfields additionally announced revisions to its ruby auction plans for the remainder of 2026. The company cited lower-than-expected production at Montepuez Ruby Mining, liquidity concerns in the ruby trade and subdued Chinese demand as factors influencing the decision to hold a smaller June ruby auction and retain flexibility on future auction schedules.
The company said proceeds from the auction would be fully repatriated to Kagem in Zambia, with royalties paid to the Government of Zambia on the total sales achieved.
