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Auction Results – Commercial-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 – Commercial-Quality Emeralds
LONDON, 16 SEPTEMBER 2024
Gemfields announces the results of an auction comprised of commercial-quality rough emeralds
held during the period 27 August – 13 September 2024.
Highlights: September 2024 Commercial-Quality Emerald Auction
• Total auction revenues of USD 10.8 million
• 46 lots were offered for sale, of which 28 were sold (61%)
• Average price of USD 4.47 per carat
• The 49 auctions of Kagem gemstones held since July 2009 have generated USD 1,052
million in total revenues
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.
Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:
"The luxury-good, diamond and gemstone markets are experiencing distinct headwinds as conflicts, elections,
economic uncertainty in China and broader economic turbulence take their toll.
Today's overall result is weaker than expected, exacerbated in part by a competing emerald producer scheduling their
own auction to finish in early September 2024, in the middle of ours, and selling through their emeralds at what
customers reported as low prices.
Gemfields remains committed to acting responsibly by withholding auction lots when fair market prices are not
achieved, as is demonstrated by the lots we withdrew from our auction which comprised both considerable volume and
value.
We hope that market conditions improve as we work towards the auction of higher-quality emeralds scheduled for
November 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 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 commercial-quality Kagem auctions are summarised in the table
below (and earlier results are available at www.gemfieldsgroup.com):
AUCTION
RESULTS Aug-Sep '24 Mar '24 Aug-Sep '23 Mar '23 Aug-Sep '22
(COMMERCIAL Auction Auction Auction Auction Auction
QUALITY)
27 Aug - 13 5 - 22 Mar 29 Aug - 15 6 - 24 Mar 31 Aug - 19
Dates
Sep 2024 2024 Sept 2023 2023 Sept 2022
Jaipur, India Jaipur, India Jaipur, India Jaipur, India Jaipur, India
Location
/ Online / Online / Online / Online / Online
Commercial Commercial Commercial Commercial Commercial
Type
Quality Quality Quality Quality Quality
Carats offered 3,978,450 4,171,375 3,392,395 3,148,710 3,752,540
Carats sold 2,423,550 3,854,950 3,392,395 2,974,710 3,652,540
No. of
companies 39 50 50 45 44
placing bids
No. of lots offered 46 43 43 29 34
No. of lots sold 28 40 43 25 33
Percentage of lots
sold 61% 93% 100% 86% 97%
Percentage of
lots sold by 61% 92% 100% 94% 97%
weight
Total sales
realised at USD 10.8 USD 17.1 USD 25.5 USD 21.2 USD 32.9
auction
million million million million million
Average per USD USD USD USD USD
carat sales value 4.47/carat 4.45/carat 7.51/carat 7.13/carat 9.01/carat
-ENDS-
Gemfields Group Limited
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
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 / John More / Anake Singh
T: +44(0) 20 3100 2222
FINANCIAL PR/ IR Camarco
Gordon Poole / Emily Hall
T: +44(0) 20 3757 4980
Gemfields Group Limited
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 | TWITTER | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
Date: 16-09-2024 08:00:00
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