Mumbai: Gemfields sold 208,990 carats of high-quality emeralds mined at its 75%-owned Kagem Mine in Zambia for total auction revenues of $35 million. The stones were sold at an average price of $167.51 per carat.

It said the 48 auctions of Kagem gemstones held since July 2009 have generated just above $1 billion in total revenues.

“We are very pleased to report robust auction results despite slightly softer market conditions,” said the company’s managing director of product and sales, Adrian Banks.

“The result demonstrates that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels. The overall price per carat for the lots sold echoes the record figure achieved in Kagem’s preceding high-quality auction of May 2023.”

The May 2023 auction realised an average price of $165.55 per carat. Two of the unsold lots were among the lower quality items offered at the latest auction, according to him, which distorted the results.

“We now look forward to our forthcoming mixed-quality ruby auction in June 2024 and the next commercial quality emerald auction in September 2024,” said Banks.