Try our mobile app
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")
Emerald Auction Results
LONDON, 20 SEPTEMBER 2022
Gemfields is pleased to announce the results of an auction of predominantly commercial quality
rough emeralds held from 31 August to 19 September 2022. The emeralds were extracted by
Kagem Mining Ltd in Zambia (“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.
Highlights – Emerald Auction
• Auction revenues of USD 32.9 million, the second-highest figure ever achieved at a Kagem
commercial quality auction
• Of the 34 lots offered, 33 were sold (97%)
• Average sales price of USD 9.01 per carat, the second-highest figure ever achieved at a
Kagem commercial quality auction
• The 42 auctions of Kagem gemstones hosted by Gemfields since July 2009 have generated
USD 868 million in total revenues
The auction saw 44 companies placing bids, generating revenues of USD 32.9 million with an
overall average sales price of USD 9.01 per carat, the second-highest figure achieved at any Kagem
commercial quality auction. The auction saw 97% of both the number of offered carats and the
number of lots being sold.
Gemfields’ 42 auctions of emeralds and beryl mined at Kagem since July 2009 have now generated
USD 868 million in total revenues. 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):
Gemfields Group Limited, Royal Chambers, St Julian’s Avenue, St Peter Port, GY1 4HP, Guernsey
T +44 (0)1481 731 554
gemfieldsgroup.com
AUCTION
RESULTS Aug ’19 Feb ’20 Jul-Aug ’21 Mar-Apr ’22 Aug – Sept ’22
(COMMERCIAL AUCTION AUCTION AUCTION AUCTION AUCTION
QUALITY)
Dates 19-22 Aug 18-21 Feb 28 Jul – 11 15 Mar – 1 31 Aug – 19
2019 2020 Aug 2021 Apr 2022 Sept 2022
Location Lusaka, Lusaka, Online Jaipur, India Jaipur, India
Zambia Zambia Auction / Online / Online
Type Commercial Commercial Commercial Commercial Commercial
Quality Quality Quality Quality Quality
Carats offered 10.68 4.49 million 3.59 million 4.52 million 3.75 million
million (*)
Carats sold 3.92 million 2.86 million 3.50 million 4.52 million 3.65 million
No. of companies 34 29 49 56 44
placing bids
Average no. of 6 6 14 17 11
bids per lot
No. of lots 35 25 32 32 34
offered
No. of lots sold 26 19 31 32 33
Percentage of lots 74% 76% 97% 100% 97%
sold
Percentage of lots 37% (*) 64% 97% 100% 97%
sold by weight
Total sales USD 18.6 USD 11.5 USD 23.1 USD 42.3 USD 32.9
realised at auction million million million million million
Average per carat USD USD USD USD USD
sales value 4.75/carat 4.01/carat 6.61/carat 9.37/carat 9.01/carat
(*) Unlike the other auctions tabulated above, August 2019 included beryl. The single lot of beryl (of 5
million carats) was unsold.
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 directly comparable.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:
“The results announced today confirm once again that 2022 is the strongest year on record for Zambian emeralds
mined at the Kagem emerald mine. Kagem’s year-to-date auction revenues now stand at USD 118 million, a notable
figure when compared with the full-year record set in 2021 of USD 92 million. As with all Gemfields auctions of
Kagem emeralds, these revenues are repatriated in full to Kagem in Zambia, meaning that Zambia sees the full value
of its emerald resources flowing home. We thank and congratulate our hard-working teams, the government of Zambia
(which owns 25% of Kagem) and of course our clients for their ongoing support in building one of the most sparkling
sectors in African natural resources.”
-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:
companysecretary@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
SEDIBELO SALE PROCESS Liberum
Nehal Patel: T: +44(0) 20 3100 2222
NOMINATED ADVISER finnCap
(AIM) & JOINT BROKER Christopher Raggett / Tim Redfern / Edward Whiley
T: +44(0) 20 7220 0500
JOINT BROKER Liberum
Scott Mathieson / Kane Collings
T: +44(0) 20 3100 2222
FINANCIAL PR/ IR Camarco
Gordon Poole / Emily Hall
T: +44(0) 20 3757 4980
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading miner of responsible 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
Gemfields Group Limited Page 3 of 4
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 and trading
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
