Mining business Gemfields reported that its emerald auction at the recent Ninth India Rough Gemstone Sourcing Show in Jaipur garnered $17.1 million in revenue and sold 40 of its 43 lots for sale.
“We are pleased to conclude another successful Kagem auction, demonstrating that the commercial-quality emerald market remains in good shape and prices achieved are broadly in line with the September 2023 commercial-quality auction,” said Gemfields’ managing director of product and sales Adrian Banks, the Gem and Jewellery Export Promotion Council reported on its website. “This auction offering included large quantities of lower-quality emeralds which would normally be sold to smaller manufacturers in Jaipur via our direct sales channel. These parcels accounted for 55% of the auction by weight, resulting in the lower overall dollar-per-carat figure realised at this auction.”
Gemfields sold 93% of its stock at the auction at an average price of $4.45 per carat. The Ninth India Rough Gemstone Sourcing Show ran from March 5 to 23 and was organised by the GJEPC. Public and private viewings took place before the auction then interested individuals could bid online in a sealed-bid process.
“The three unsold lots were also not typical auction grades, being one large cluster of low-quality crystals and two lots of ‘Fines’ comprised of small-size material,” said Banks. “We now look forward to our next higher-quality emerald and mixed-quality ruby auctions to be held in Bangkok over May and June 2024.”
Gemfields has held a total of 47 gemstone auctions since July 2009. The business has crossed the $1 billion revenue mark in this time period.
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