Gemfields Announces Singapore Emerald, Amethyst Auction Revenues

Gemfields has released the results of its auction of higher-quality rough emeralds and higher-quality amethysts that took place in Singapore between Aug. 31 and Sept. 4.

The emerald auction resulted in revenues of $34.7 million. The average price was $58.42 per carat, the third-highest price on record. 

The amethyst auction, Gemfields’ third ever, yielded revenues of $440,000, with an average price of 4.32 cents per carat, an increase of 144 percent over 1.77 cents per carat received in the February auction.

The emeralds on offer were extracted from Zambia by Kagem Mining Ltd., which is 75 percent owned by Gemfields and 25 percent owned by the Republic of Zambia. The amethysts were also from Zambia, extracted by Kariba Minerals Ltd., which is owned equally by Gemfields and the Republic of Zambia. 

“Despite severely depressed global commodity prices, well-documented difficulties in the diamond sector, and recent volatility across international financial markets, emerald prices remain as robust as ever,” said Ian Harebottle, CEO of Gemfields. “The counter-cyclicality often associated with precious gemstones, and their reputation as a store of value in turbulent times, have shone through. In addition, it is pleasing to see the prices received for amethyst increase markedly since the last auction in February. I’m delighted that these results underscore the intended vision and trajectory for colored gemstones and for Gemfields.”

Gemfields’ next auction will feature lower-quality emerald and beryl and will take place in November.