Gemfields Delays Emerald Auction Due to Indian Demonetization

The company is giving buyers time to adjust to the new policy

India’s demonetization policy has led Gemfields to delay a planned auction of Zambian emeralds.

The auction of high-quality emeralds from Gemfields’ Kamgem mine in Zambia, originally scheduled for this month, has been rescheduled for February 2017.

“The majority of our customers for rough emeralds hail from India,” said Gemfields CEO Ian Harebottle in a statement. “The new demonetization program will require an adjustment period to allow industries and stakeholders to adapt to the new policies.”

“The decision has been well received, and appreciated, by our auction participants,” he added.

In November, Indian prime minister Narendra Modi announced that 500 and 1,000 rupee banknotes would no longer be recognized as legal tender. While the move was aimed at reducing corruption, critics say it has hurt the many businesses in India, including diamonds and gemstones, that do a lot of business in cash. 

JCK News Director