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Incorporated in Guernsey. Guernsey registration Number: 47656
South African external company registration number 2009/012636/10
Share code on JSE: GML / AIM: GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Auction Results – Commercial Quality Emeralds
LONDON, 25 MARCH 2024
Gemfields is pleased to announce the results of an auction comprised of commercial quality rough
emeralds held during the period 5 – 22 March 2024.
Highlights: March 2024 – Commercial Quality Emerald Auction
• Total auction revenues of USD 17.1 million
• 43 lots were offered for sale, of which 40 were sold (93%)
• Average price of USD 4.45 per carat
• The 47 auctions of Kagem gemstones held since July 2009 have generated USD 1,006
million in total revenues, reaching the USD 1 billion mark
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.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:
“We are pleased to conclude another successful Kagem auction, demonstrating that the commercial-quality emerald
market remains in good shape and prices achieved are broadly in line with the September 2023 commercial-quality
auction. This auction offering included large quantities of lower-quality emeralds which would normally be sold to
smaller manufacturers in Jaipur via our Direct Sales channel. These parcels accounted for 55% of the auction by
weight, resulting in the lower overall dollar-per-carat figure realised at this auction. The three unsold lots were also
not typical auction grades, being one large cluster of low-quality crystals and two lots of ‘Fines’ comprised of small-
size material.
“We now look forward to our next higher-quality emerald and mixed-quality ruby auctions to be held in Bangkok
over May and June 2024.”
The auction lots were made available for private, in-person viewings by customers in Jaipur.
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.
Gemfields Group Limited, Royal Chambers, St Julian’s Avenue, St Peter Port, GY1 4HP, Guernsey
T +44 (0)1481 731 554
gemfieldsgroup.com
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 commercial-quality Kagem auctions are summarised in the table
below (and earlier results are available at www.gemfieldsgroup.com):
AUCTION
RESULTS Mar-Apr ’22 Aug-Sep ’22 Mar ’23 Aug-Sep ’23 Mar ’24
(COMMERCIAL AUCTION AUCTION AUCTION AUCTION AUCTION
QUALITY)
15 Mar - 1 Apr 31 Aug - 19 6 - 24 Mar 29 Aug - 15 5 – 22 Mar
Dates
2022 Sept 2022 2023 Sept 2023 2024
Jaipur, India / Jaipur, India / Jaipur, India / Jaipur, India / Jaipur, India /
Location
Online Online Online Online Online
Commercial Commercial Commercial Commercial Commercial
Type
Quality Quality Quality Quality Quality
Carats offered 4.52 million 3.75 million 3.15 million 3.39 million 4.17 million
Carats sold 4.52 million 3.65 million 2.97 million 3.39 million 3.85 million
No. of
companies 56 44 45 50 50
placing bids
No. of lots
32 34 29 43 43
offered
No. of lots sold 32 33 25 43 40
Percentage of
100% 97% 86% 100% 93%
lots sold
Percentage of
lots sold by 100% 97% 95% 100% 92%
weight
Total sales
USD 42.3 USD 32.9 USD 21.2 USD 25.5 USD 17.1
realised at
million million million million million
auction
Average per
USD USD USD USD USD
carat sales
9.37/carat 9.01/carat 7.13/carat 7.51/carat 4.45/carat
value
-ENDS-
Gemfields Group Limited Page 2 of 4
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
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 / Ian Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Liberum
(AIM) & BROKER Scott Mathieson / John More / Anake Singh
T: +44(0) 20 3100 2222
FINANCIAL PR/ IR Camarco
Gordon Poole / Emily Hall
T: +44(0) 20 3757 4980
Gemfields Group Limited Page 3 of 4
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’ outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage
- enables Gemfields to optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group’s “mine and market” vision.
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
INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
Gemfields Group Limited Page 4 of 4
