Gemfields reported revenues of $26.8 million from its most recent auction of higher-quality rough emeralds, reflecting sustained global demand for premium gemstones despite a cautious market influenced by geopolitical and economic uncertainty.
The auction, held from May 4 to May 21, 2026, delivered a strong 97% sell-through rate, with 36 of 37 lots sold.
Strong Results for Zambia-Mined Emeralds
A total of 185,135 carats of rough emeralds were offered at the auction, and buyers purchased 183,385 carats. The sale recorded an average realised price of $146.08 per carat, underlining steady demand for high-grade emerald material.
The stones originated from the Kagem Mining Limited emerald mine in Zambia, a leading source of gem-quality emeralds. Prospective buyers inspected lots in Bangkok before participating through Gemfields’ online sealed-bid auction platform.
Premium Emerald Segment Continues to Attract Buyers
Adrian Banks said demand for higher-quality emeralds remains comparatively stable, with exceptional stones drawing competitive bids.
He added that the wider gemstone market is exercising greater caution amid ongoing geopolitical tensions and macroeconomic uncertainty, factors that can weigh on luxury spending and trade sentiment.
Weak Indian Rupee Creates Additional Pressure
Gemfields also pointed to currency volatility as a concern for buyers, particularly in India, a major hub for gemstone trading and cutting.
The company noted that the Indian rupee has weakened by about 10% against the U.S. dollar since Kagem’s previous premium emerald auction in September 2025. That depreciation has raised the effective cost for Indian buyers participating in dollar-denominated auctions.
Market Focus Remains on High-Value Gemstones
Despite broader economic headwinds, the auction results suggest resilient demand for rare, high-quality colored gemstones within the upper tiers of the luxury market. Industry observers say premium emeralds continue to attract strong interest from manufacturers, collectors and luxury jewelry brands seeking exceptional material.