Gemfields Group Limited announced the results of its latest auction of commercial-quality rough emeralds, held from 17 November to 4 December 2025. The auction generated total revenues of $ 25.4 million.
A total of 46 lots were offered, of which 45 were sold, representing a 98% sell-through rate. The emeralds achieved an average sales price of $7.46 per carat.
The auction material was extracted by Kagem Mining Limited in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia. Proceeds from the auction will be fully repatriated to Kagem, with royalties payable to the Government of the Republic of Zambia on full sales values.
The auction followed private, in-person viewings in Jaipur, India, after which bidding took place through Gemfields’ online auction platform using a sealed-bid process. Buyers from multiple jurisdictions participated, with 55 companies placing bids.
According to Gemfields, this was the fifth commercial-quality emerald auction held by Kagem since August 2023. In total, Gemfields has conducted 53 Kagem auctions since July 2009, generating cumulative revenues of $ 1.147 billion.
Commenting on the results, Adrian Banks, Managing Director of Product & Sales at Gemfields, said the pricing reflected stabilizing market conditions following pressures experienced in late 2024 and early 2025. He added that Kagem’s total auction revenues for 2025 reached $ 79 million despite a temporary suspension of mining operations earlier in the year.
