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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, 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 Nov '22 May-Jun '23 May '24 Nov '24 Sep '25
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)
Dates 30 Oct – 17 15 May – 1 Jun 13 – 30 May 4 – 21 Nov 25 Aug – 11
Nov 2022 2023 2024 2024 Sep 2025
Bangkok / Bangkok / Bangkok / Bangkok / Bangkok /
Location Online Online Online Online Online
Type Higher Higher Higher Higher Higher
Quality Quality Quality Quality 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 50 69 60 56 65
placing bids
No. of lots 37 35 46 43 38
offere
No. of lots sold 34 35 43 30 38
Percentage of 92% 100% 93% 70% 100%
lots sold
Percentage of
lots sold by 94% 100% 87% 70% 100%
weight
Total sales USD 30.8 USD 43.7 USD 35.0 USD 16.1 USD 32.0
realised at million million million million million
auction
Average per USD USD USD USD USD
carat sales * 76.78/carat 165.55/carat 167.51/carat 113.96/carat 160.78/carat
value
* Includes the 37kg 'Kafubu Cluster', which comprised 44% of the weight offered at the
auction.
** 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.
This special auction 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.
-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
For any press enquiries, please contact Helena and Albertina:
helena.choudhury@gemfields.com / albertina.namburete@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
GEMFIELDS HEAD OFFICE Helena Choudhury / Albertina Namburete
PR, LONDON 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.
GEMFIELDS
GEMFIELDS.COM | INVESTORS |FOUNDATION
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KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
Date: 12-09-2025 08:00:00
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