Gemfields said its auction of commercial quality rough emeralds at the 9th India Rough Gemstone Sourcing Show (IRGSS), organised by the GJEPC, in Jaipur, from 5^th to 23rd March 2024 realised total revenues of $17.1 million. Of the 43 lots offered for sale, 40 were sold (93%) at an average price of $4.45 per carat.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “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. 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. 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.

“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.”

The auction lots were made available for private, in-person viewings by customers in Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.

The 47 auctions of Kagem gemstones held since July 2009 have generated $1,006 million in total revenues, reaching the $1 billion mark.