Gemfields, the main shareholder in Montepuez Ruby Mining (MRM) in Mozambique and Kagem in Zambia, announced that its recent emerald auction raised 10.8 million dollars, with only 61% of the lots sold. Each carat was valued at 4.47 dollars.
According to information published last Tuesday (17) by Mining Weekly, the emeralds were extracted from the Kagem mine, where Gemfields holds a 75% stake. The auction, held between August 27 and September 13, featured 46 lots, of which only 28 were sold.
Adrian Banks, executive director of Product and Sales at Gemfields, pointed out that the luxury goods markets, including diamonds and precious stones, are facing significant challenges. “Conflicts, elections and economic uncertainty in China, in addition to global turbulence, have impacted sales,” he said.
The executive also noted that the auction result was weaker than expected, partly due to the scheduling of a competing emerald auction in early September, which led some customers to report sales at reduced prices.
“We are committed to acting responsibly by withholding auction lots when fair market prices are not achieved. We expect market conditions to improve as we prepare for the high quality emerald auction scheduled for November,” said Banks.
The British company revealed that since 2012, the exploitation of rubies at the Montepuez Ruby Mining mine has generated revenues of approximately 1 billion dollars (63.2 billion meticais), with total revenues of 151.3 million dollars (9.5 billion meticais) in 2023 alone.
