Loss-Making Gemfields Reports Improved Emerald Sales

(IDEX Online) - Gemfields reported a "notable improvement" in rough emerald sales, with more bids and higher prices at its April auctions, although mining activity remains suspended at its Kagem, in Zambia.

The UK-based gemstone miner raised a total of $16.4m, with an average per carat price of $6.87, according to its Auction Results: Commercial Quality Emeralds.

Revenue and prices were both up significantly on its last auction, in August/September 2024, although Gemfields cautioned that mix quality makes direct comparisons difficult.

It also said it had withdrawn very low-quality gems, accounting for almost a fifth of the total (by weight) of all goods offered, which would have brought average prices down.

The August/September auctions raised $10.8m, with an average per carat price of $4.47.

Mining at Kagem emerald has been suspended since the end of last year in response to severe market challenges - largely an oversupply of Zambian emeralds by rival producers - and activity is currently limited to processing existing ore stockpiles.

Gemfields, the world's largest colored gemstone miner, reported a $100.8m loss for 2024, and announced a $30m a rights issue to help secure its future.

Pic courtesy Gemfields.