London: Gemfields has generated $4.8-million in revenue from a mini auction, held from February 19 to 21, of previously unsold higher-quality emeralds.

The Gemstone miner says 10 of the 13 lots on offer were sold, with 45 864 ct sold out of the 59 192 ct on offer. An average sales price of $105.49/ct was achieved.

Gemfields product and sales MD Adrian Banks said this auction was solely comprised of unsold lots from Kagem’s November 2024 higher-quality emerald auction.

“The composition of the schedules on offer remained unchanged, providing Gemfields with a rare opportunity to directly compare demand and pricing between the two auctions.

Although market sentiment remains clearly subdued, it is encouraging to see improvement in both demand and pricing,” said Banks.

The rough emeralds sold were extracted by Kagem – which is 75%-owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.