Higher Quality Emerald Auction Results
12/09/2025 07:00
RNS Number : 0442Z
Gemfields Group Limited
12 September 2025
Incorporated in Guernsey. Guernsey registration Number: 47656.
South African external company registration number 2009/012636/10
Share code on JSE:GML (General Segment of JSE Main Board) / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Auction Results - Higher-quality emeralds
LONDON, 12 SEPTEMBER 2025
Gemfields announces the results of an auction comprised of higher-quality rough emeralds held during the period 25 August - 11 September 2025.
Highlights: August-September 2025 Higher-Quality Emerald Auction
· Total auction revenues of USD 32.0 million
· 38 lots were offered for sale, of which all were sold (100%)
· Average realised price of USD 160.78 per carat
· The 52 auctions of Kagem gemstones held since July 2009 have generated USD 1,122 million in total revenues
· The auction included an exceptional gemstone named Imboo ('buffalo'), weighing 11,685 carats. Imboo is the latest, and largest, remarkable gemstone discovered at the Kagem mine.
Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:
"This September auction marks Kagem's first high-quality emerald sale since the disappointing result in November 2024. Mining operations at Kagem were suspended in January 2025 in response to market uncertainty and challenges relating to the oversupply of Zambian emeralds. Following signs of recovery at the April commercial-quality auction, two mining points were reopened in May.
While the wider market continues to navigate mixed sentiment and tariff uncertainty, today's auction result has validated these decisions and delivered a highly positive outcome. Strong demand was evident across the grades, with robust prices achieved.
We are grateful to our customers for their continued support and recognition of the quality of Kagem's emeralds, as reflected in the prices realised. As market leaders, we remain committed to managing supply responsibly and in the best interests of our customers and downstream partners. A huge thanks goes out to the Kagem team for their hard work and dedication in achieving this result."
The auction lots were made available for private, in-person viewings by customers in Bangkok. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
The rough emeralds sold were extracted by Kagem (which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.
The results of the five most recent Higher-Quality Kagem auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com):
| AUCTION RESULTS(HIGHER QUALITY) | Nov '22 AUCTION (5 sequential mini-auctions) | May-Jun '23 AUCTION (5 sequential mini-auctions) | May '24 AUCTION (5 sequential mini-auctions) | Nov '24 AUCTION** (5 sequential mini-auctions) | Sep '25 AUCTION (5 sequential mini-auctions) |
| Dates | 30 Oct - 17 Nov 2022 | 15 May - 1 Jun 2023 | 13 - 30 May 2024 | 4 - 21 Nov 2024 | 25 Aug - 11 Sep 2025 |
| Location | Bangkok / Online | Bangkok / Online | Bangkok/ Online | Bangkok/ Online | Bangkok / Online |
| Type | Higher Quality | Higher Quality | Higher Quality | Higher Quality | Higher Quality |
| Carats offered | 426,180 | 264,132 | 240,000 | 200,460 | 199,103 |
| Carats sold | 401,180 | 264,132 | 208,990 | 141,084 | 199,103 |
| No. of companies placing bids | 50 | 69 | 60 | 56 | 65 |
| No. of lotsoffered | 37 | 35 | 46 | 43 | 38 |
| No. of lots sold | 34 | 35 | 43 | 30 | 38 |
| Percentageof lots sold | 92% | 100% | 93% | 70% | 100% |
| Percentageof lots sold by weight | 94% | 100% | 87% | 70% | 100% |
| Total sales realised atauction | USD 30.8 million | USD 43.7 million | USD 35.0 million | USD 16.1 million | USD 32.0 million |
| Average per carat sales value | USD * 76.78/carat | USD 165.55/carat | USD 167.51/carat | USD 113.96/carat | USD 160.78/carat |
| GEMFIELDS | Sean Gilbertson / David Lovett / Heinrich Richter ir@gemfields.com T: +44(0) 20 7518 3400 |
| SPONSOR (JSE) | Investec Bank Limited |
| NOMINATED ADVISER (AIM) & BROKER | Panmure LiberumScott Mathieson / Amrit Mahbubani / John MoreT:+44(0) 20 3100 2222 |
| GEMFIELDS HEAD OFFICE PR, LONDON | Helena Choudhury / Albertina Namburete helena.choudhury@gemfields.com/albertina.namburete@gemfields.com |
| ADDITIONAL INFORMATION ON GEMFIELDS |
| Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar. Gemfields has developed a proprietary grading system and a pioneering auction platform to provide a consistent supply of coloured gemstones to downstream markets, a key component of Gemfields' business model that has played an important role in the growth of the global coloured gemstone sector. |
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