Caution among Emerald Buyers, says Gemfields

(IDEX Online) - Gemfields sold $26.8 million of rough emeralds at its May auctions amid cautious demand, and warned it expects to offer a smaller-than-usual selection for sale next month.

The UK-based gemstone miner also said it would have to be flexible about the size, frequency and timing of its ruby auctions for the remainder of 2026, because of reduced production, liquidity concerns and subdued Chinese demand

Demand for higher-quality emeralds was stable, it was, but overall it was tempered by "ongoing geopolitical tensions and prevailing macroeconomic uncertainty".

The average per-carat price across five online mini-auctions was $146.08, a 9% drop from its last auctions, in September 2025.

Gemfields sold a total of 183,385 carats from its Kagem mine in Zambia, a slight drop from the previous sale (which realized $32 million), and found buyers for 36 of the 37 lots offered.

Auction results are not always directly comparable, because of the mix and quality of lots offered.

Adrian Banks, Gemfields' managing director of product & sales, said competition and pricing for the top-tier emeralds remained particularly strong.

" It should also be recognised that the Indian Rupee has depreciated by approximately 10% against the US dollar since Kagem's previous higher-quality auction held in September 2025, creating an additional headwind for many customers," he added.