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Auction Results – Higher-quality emeralds
Gemfields Group Limited
Incorporated in Guernsey. Guernsey registration Number: 47656.
South African external company registration number 2009/012636/10
Share code on JSE:GML / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Auction Results – Higher-quality emeralds
LONDON, 22 NOVEMBER 2024
Gemfields announces the results of an auction comprised of higher-quality rough emeralds held
during the period 4 – 21 November 2024.
Highlights: November 2024 Higher-Quality Emerald Auction
- Total auction revenues of USD 16.1 million
- 43 lots were offered for sale of which 30 were sold (70%)
- 141,084 carats of 200,460 offered were sold (70%)
- Average price of USD 113.96 per carat
- The 50 auctions of Kagem gemstones held since July 2009 have generated USD 1,068
million in total revenues
Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:
"While the top quality lots in this auction saw bidding within touching distance of our all-time records for emeralds,
the overall result for this auction is very disappointing, driven by fewer and poorer bids for lesser quality grades.
While the wider luxury and gemstone markets are undeniably facing challenging times, customer attendance and engagement
at the auction were good, as is evidenced by the strength of bidding for the top quality lots on offer.
As reported at the time of our September 2024 commercial-quality emerald auction, we continue to see emerald
market dynamics considerably disturbed by a competing Zambian emerald producer who is holding regular auctions
(September, October and November, with the latter commencing today, 22 November 2024, in Dubai and promoted
as the 'largest emerald auction in history') and selling through their emeralds at what customers are reporting as low
prices. We believe this is a transient market dynamic and does not reflect a medium- or long-term structural change
in supply or market demand.
Gemfields remains committed to leadership and market stability. As demonstrated by today's auction, we have taken
proactive steps to support the market by withholding certain lots that did not achieve satisfactory bidding. We believe
this approach helps foster a more secure and sustainable market for all stakeholders including our customers."
The auction lots were made available for private, in-person viewings by customers in Bangkok.
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 rough emeralds sold were extracted by Kagem (which is 75% owned by Gemfields and 25%
by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully
repatriated to Kagem in Zambia with all royalties due to the Government of the Republic of
Zambia being paid on the full sales prices achieved at the auction.
The results of the five most recent Higher-Quality Kagem auctions are summarised in the table
below (and earlier results are available at www.gemfieldsgroup.com):
AUCTION May '22 Nov '22 May-Jun '23 May '24 Nov '24
RESULTS AUCTION AUCTION AUCTION AUCTION AUCTION
(HIGHER (5 sequential (5 sequential (5 sequential (5 sequential (5 sequential
QUALITY) mini-auctions) mini-auctions) mini-auctions) mini-auctions) mini-auctions)
Dates 9 – 26 May 30 Oct – 17 15 May – 1 Jun 13 – 30 May 4 – 21 Nov
2022 Nov 2022 2023 2024 2024
Location Bangkok/ Bangkok/ Bangkok/ Bangkok/ Bangkok/
Online Online Online Online Online
Type Higher Higher Higher Higher Higher
Quality Quality Quality Quality Quality
Carats offered 277,775 426,180 264,132 240,000 200,460
Carats sold 277,775 401,180 264,132 208,990 141,084
No. of
companies 62 50 69 60 56
placing bids
No. of lots 38 37 35 46 43
offered
No. of lots sold 38 34 35 43 30
Percentage of 100% 92% 100% 93% 70%
lots sold
Percentage of 100% 94% 100% 87% 70%
lots sold by
weight
Total sales USD 43.3 USD 30.8 USD 43.7 USD 35.0 USD 16.1
realised at million million million million million
auction
Average per USD USD USD USD USD
carat sales 15.90/carat * 76.78/carat 165.55/carat 167.51/carat 113.96/carat
value
* Includes the 37kg 'Kafubu Cluster', which comprised 44% of the weight offered at the auction.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics
such as size, colour and clarity on account of variations in mined production and market demand.
Therefore the results of each auction are not always directly comparable.
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, please contact us on:
ir@gemfields.com
For any press enquiries, please contact Helena and Albertina:
helena.choudhury@gemfields.com / albertina.namburete@gemfields.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union
(withdrawal) act 2018 ("MAR").
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Ian Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Panmure Liberum
(AIM) & BROKER Scott Mathieson / Kieron Hodgson / Amrit Mahbubani / John More
T: +44(0) 20 3100 2222
GEMFIELDS HEAD OFFICE PR, Helena Choudhury / Albertina Namburete
LONDON helena.choudhury@gemfields.com / albertina.namburete@gemfields.com
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is
the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the
world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one
of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also
holds controlling interests in various other gemstone mining and prospecting licences in Zambia,
Mozambique, Ethiopia and Madagascar.
Gemfields' outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage
- enables Gemfields to optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group's "mine and market" vision.
Gemfields has developed a proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream markets, a key component of
Gemfields' business model that has played an important role in the growth of the global coloured
gemstone sector.
GEMFIELDS
GEMFIELDS.COM | INVESTORS |FOUNDATION
INSTAGRAM | FACEBOOK | X | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | X | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
Date: 22-11-2024 09:00:00
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