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Gemfields Auction Results: Commercial-Quality Emeralds

Gemfields announces the results of an auction comprised of commercial-quality rough emeralds held during the period 17 November – 4 December 2025.

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Highlights: December 2025 Commercial-Quality Emerald Auction

Total auction revenues of USD 25.4 million

  • 46 lots were offered for sale and 45 were sold (98%)
  • Average price of USD 7.46 per carat
  • The 53 auctions of Kagem gemstones held since July 2009 have generated USD 1.147 billion in total revenues

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:“Today’s auction results mark a successful conclusion to a challenging year for Kagem. Following the temporary suspension of mining operations during the first half, the business has nonetheless delivered a strong performance for 2025, culminating in this auction’s solid contribution to USD 79 million of total Kagem auction revenues for 2025.

The firm pricing seen across all quality categories demonstrates that the pressures experienced at the end of 2024 and early 2025 have largely subsided. Market sentiment has strengthened and the sustained demand observed since the third quarter of 2025 continues to underpin robust performance.

We extend our appreciation to the Kagem team for their continued hard work and extend our thanks also to the Industrial Development Corporation of Zambia, Kagem’s 25% shareholder.”

The auction lots were made available for private, in-person viewings by customers in Jaipur, India. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permits customers from multiple jurisdictions to participate in a sealed-bid process.

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.

CategoryAug–Sep ’23 AuctionMar ’24 AuctionAug–Sep ’24 AuctionApr ’25 AuctionNov–Dec ’25 Auction
Dates29 Aug – 15 Sept 20235 – 22 Mar 202427 Aug – 13 Sep 202411 – 29 Apr 202517 Nov – 04 Dec 2025
LocationJaipur, India / OnlineJaipur, India / OnlineJaipur, India / OnlineJaipur, India / OnlineJaipur, India / Online
TypeCommercial QualityCommercial QualityCommercial QualityCommercial QualityCommercial Quality
Carats offered3,392,3954,171,3753,978,4503,029,6903,656,830
Carats sold3,392,3953,854,9502,423,5502,388,1903,406,830
No. of companies placing bids5050395055
No. of lots offered4343463646
No. of lots sold4340283245
Percentage of lots sold100%93%61%89%98%
Percentage of lots sold by weight100%92%61%79%93%
Total sales realised at auctionUSD 25.5 millionUSD 17.1 millionUSD 10.8 millionUSD 16.4 millionUSD 25.4 million
Average per carat sales valueUSD 7.51/caratUSD 4.45/caratUSD 4.47/caratUSD 6.87/caratUSD 7.46/carat
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GJEPC Auckland Visit Targets Growth In India-NZ Jewellery Trade

The Opportunity In New Zealand Is Significant Relative To The Current Level Of Jewellery Trade. India’s Gem and Jewellery Exports To New Zealand Rose 50.56% To US$25.46 Million In FY2025-26, From US$16.91 Million In FY2024-25.

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The GJEPC trade delegation’s Auckland programme has highlighted the scope for expanding India’s gem and jewellery exports to New Zealand as the two countries move towards implementing their recently concluded Free Trade Agreement (FTA).

The Auckland visit was part of GJEPC’s Australia and New Zealand trade delegation, held from 20-26 August 2026, with the delegation focused on connecting Indian manufacturers and exporters with buyers and industry stakeholders across the two markets.

The opportunity in New Zealand is significant relative to the current level of jewellery trade. India’s gem and jewellery exports to New Zealand rose 50.56% to US$25.46 million in FY2025-26, from US$16.91 million in FY2024-25.

The recently concluded India-New Zealand FTA is expected to create further opportunities for Indian exporters. New Zealand has committed to duty-free access for Indian exports across 100% of its tariff lines once the agreement enters into force.

On 26th August, Vijay Mangukiya, Convener – International Events, GJEPC and leader of the delegation, met Dr. Madan Mohan Sethi, Consul General of India in Auckland. Mangukiya has said the delegation was aimed at bringing Indian manufacturers and exporters closer to buyers and industry stakeholders in both Australia and New Zealand, with the objective of identifying new business opportunities and developing long-term partnerships.

The delegation’s Auckland market visits covered a broad cross-section of the local jewellery sector, including Michael Hill, Wallace Bishop, Hardy Brothers, Prouds, and Partridge Jewellers. The delegation also observed international luxury and contemporary jewellery brands including Van Cleef & Arpels, Roberto Coin, Messika and FOPE, reflecting the competitive environment in which Indian exporters would be seeking to establish or expand relationships.

India’s exports of individual jewellery categories to New Zealand also recorded strong growth in FY2025-26. Gold jewellery exports rose 84% to US$17.47 million, while silver jewellery exports doubled to US$0.91 million. Lab-grown diamond exports rose 2% to US$0.63 million, and imitation jewellery increased 13.16% to US$0.43 million. Cut and polished diamond exports were US$5.76 million.

The figures underline the growing contribution of finished jewellery to India’s New Zealand business. With the FTA expected to improve market access and the Auckland market showing demand across gold, diamonds, coloured stones, pearls and branded jewellery, GJEPC’s delegation is seeking to convert this existing growth into deeper commercial relationships.

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