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Auction Results – Higher-Quality Emeralds
Gemfields Group Limited
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, 22 MAY 2026
Gemfields announces the results of an auction comprised of higher-quality rough emeralds held
during the period 4 May – 21 May 2026.
Highlights: May 2026 Higher-Quality Emerald Auction
- Total auction revenues of USD 26.8 million
- 36 of the 37 lots offered for sale were sold (97%)
- 185,135 carats were offered for sale with 183,385 carats sold (99%)
- Average realised price of USD 146.08 per carat
Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:
"This auction result demonstrates that, while demand for higher-quality emeralds remains stable, the market is
presently exercising a degree of caution, influenced by ongoing geopolitical tensions and prevailing macroeconomic
uncertainty. That said, competition and pricing for the top-tier emeralds remained particularly strong, reflecting the
rarity and continued desirability of exceptional gems. 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.
We would like to thank the Kagem team for their considerable hard work and dedication in delivering this auction
and also extend our appreciation to the Government of the Republic of Zambia, Kagem's 25% shareholder, for its
continued partnership and support."
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 Jun '23 May '24 Nov '24 Sep '25 May '26
RESULTS AUCTION AUCTION AUCTION (*) AUCTION AUCTION
(HIGHER (5 sequential (5 sequential (5 sequential (5 sequential (5 sequential
QUALITY) mini-auctions) mini-auctions) mini-auctions) mini-auctions) mini-auctions
15 May – 1 Jun 13 – 30 May 4 – 21 Nov 25 Aug – 11 4 May – 21
Dates 2023 2024 2024 Sep 2025 May 2026
Viewing Bangkok Bangkok Bangkok Bangkok Bangkok
Bidding Online Online Online Online Online
Higher Higher Higher Higher Higher
Type Quality Quality Quality Quality Quality
Carats offered 264,132 240,000 200,460 199,103 185,135
Carats sold 264,132 208,990 141,084 199,103 183,385
No. of
companies 69 60 56 65 57
placing bids
No. of lots 35 46 43 38 37
offered
No. of lots sold 35 43 30 38 36
Percentage of 100% 93% 70% 100% 97%
lots sold
Percentage of
lots sold by 100% 87% 70% 100% 99%
weight
Total sales USD 43.7 USD 35.0 USD 16.1 USD 32.0 USD 26.8
realised at million million million million million
auction
Average per USD USD USD USD USD
carat sales 165.55/carat 167.51/carat 113.96/carat 160.78/carat 146.08/carat
value
* The table above excludes the special 'second-round' auction of unsold lots from the November 2024 high-quality
auction, which were re-offered for sale in February 2025 while Zambia's 15% export duty was in effect.
The special 'second-round' auction of previously unsold lots achieved revenues of USD 4.8 million with 10 of the
13 lots sold (77%), representing 45,864 carats sold out of 59,192 carats on offer (77%) at an average sales price of
USD 105.49 per carat.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics
such as size, colour and clarity on account of variations in mined production and market demand.
Therefore the results of each auction are not always directly comparable.
Adjustment to Ruby Auction Schedule:
Due to lower-than-expected ruby production at Montepuez Ruby Mining, combined with concerns
about a lack of liquidity in the ruby market and ongoing tempered Chinese demand, Gemfields has
reviewed the ruby auction schedule for the remainder of 2026. Gemfields presently expects to host
a smaller-than-usual June auction of selected grades to suit prevailing market demand and will
maintain flexibility as to the size, frequency and timing of ruby auctions for the remainder of 2026.
Gemfields intends to provide a further update on the ruby auction schedule and broader outlook,
both in respect of the production profile at MRM and the wider market backdrop, following the
completion of the June auction.
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, please contact us on:
ir@gemfields.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union
(withdrawal) act 2018 ("MAR").
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Heinrich Richter
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Panmure Liberum
(AIM) & BROKER Scott Mathieson / Amrit Mahbubani / John More
T: +44(0) 20 3100 2222
PRESS ENQUIRES, GEMFIELDS press@gemfields.com
HEAD OFFICE, LONDON T: +44(0) 20 7518 3400
NOTES TO EDITORS
About Gemfields Group Limited
Gemfields is a world-leading miner of coloured gemstones, dual-listed on the Johannesburg and
London AIM stock exchanges.
Gemfields is the operator and 75% owner of both Kagem Mining in Zambia (a world-leading
emerald mine) and Montepuez Ruby Mining in Mozambique (situated on one of the most
significant recently discovered ruby deposits in the world). In addition, Gemfields holds controlling
interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique 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.
GEMFIELDS.COM | INVESTORS | FOUNDATION | INSTAGRAM | FACEBOOK | X | YOUTUBE
KAGEM MINING LINKEDIN | FACEBOOK
MONTEPUEZ RUBY MINING LINKEDIN | FACEBOOK
Date: 22-05-2026 08:00:00
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