Gemfields auction at GJEPC’s Rough Sourcing Show in Jaipur nets record $42.3 million

By

Isabelle Crossley

Published
Apr 6, 2022

Gemstone business Gemfields set an all-time record for any Kagem emerald auction by netting $42.3 million in sales at the fifth edition of the India Rough Gemstone Sourcing Show in Jaipur.

Gemfields’ auction consisted of predominantly commercial quality rough emeralds and 100% of the offered carats and number of lots were successfully sold, the Gem and Jewellery Export Promotion Council reported on its website. The India Rough Gemstone Sourcing Show in Jaipur was organised by the GJEPC and ran from March 15 to April 1. 
 
“Our most recent auction represents one of the most momentous outcomes I’ve experienced in my 23-year career,” said Gemfields’ managing director of product and sales, Adrian Banks, the GJEPC reported. “We’ve witnessed another breakthrough for Kagem emeralds, with an auction of predominantly commercial quality emeralds setting a new all-time revenue record for Kagem and surpassing even our higher-quality auctions.”

The emeralds in the auction were extracted Zambia-based mining business Kagem Mining Limited. The company is 75% owned by Gemfields and 25% owned by the state-owned Industrial Development Corporation of Zambia.
 
“When we announced Kagem’s August 2021 auction results, we pointed to a step-change in market demand and in the prices bid by our customers, paving the way for an exhilarating cycle in the coloured gemstone sector,” said Banks. “Today’s result underscores just how big that step-change is and we’re delighted to see the coloured gemstone industry firing on all cylinders.”