London: Gemstone miner Gemfields generated $32 million in revenue from an auction of high-quality rough emeralds sourced from its 75%-owned Kagem mine in Zambia.

The auction, held from August 25 to September 11, saw all 38 lots successfully sold at an average realised price of $160.78/ct. Among the highlights was an exceptional 11 685 ct gemstone, named Imboo (meaning “buffalo”), the largest remarkable emerald yet discovered at Kagem. Gemfields did not disclose the buyer or the sale price of this unique stone.

“This September auction marks Kagem’s first high-quality emerald sale since the disappointing November 2024 result. Mining operations at Kagem were suspended in January amid market uncertainty and oversupply concerns for Zambian emeralds. However, after signs of recovery at the April commercial-quality auction, two mining points were reopened in May,” explained Adrian Banks, Gemfields’ product and sales MD.

He added: “Despite mixed market sentiment and ongoing tariff uncertainties, the strong demand and robust prices achieved in this auction validate those decisions and deliver a highly positive outcome.”

Customers were able to view the lots privately and in person in Bangkok, with the actual sales conducted via Gemfields’ tailored online sealed-bid platform, allowing participation from multiple jurisdictions.

Since July 2009, Gemfields has held 52 auctions of Kagem gemstones, generating a total of $1.12 billion in revenue.