Highlights: August-September 2025 Higher-Quality Emerald Auction

• Total auction revenues of USD 32.0 million
• 38 lots were offered for sale, of which all were sold (100%)
• Average realised price of USD 160.78 per carat
• The 52 auctions of Kagem gemstones held since July 2009 have generated USD 1,122 million in total revenues
• The auction included an exceptional gemstone named Imboo (‘buffalo’), weighing 11,685 carats. Imboo is the latest, and largest, remarkable gemstone discovered at the Kagem mine.
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Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:

“This September auction marks Kagem’s first high-quality emerald sale since the disappointing result in November 2024. Mining operations at Kagem were suspended in January 2025 in response to market uncertainty and challenges relating to the oversupply of Zambian emeralds. Following signs of recovery at the April commercial-quality auction, two mining points were reopened in May.

While the wider market continues to navigate mixed sentiment and tariff uncertainty, today’s auction result has validated these decisions and delivered a highly positive outcome. Strong demand was evident across the grades, with robust prices achieved.

We are grateful to our customers for their continued support and recognition of the quality of Kagem’s emeralds, as reflected in the prices realised. As market leaders, we remain committed to managing supply responsibly and in the best interests of our customers and downstream partners. A huge thanks goes out to the Kagem team for their hard work and dedication in achieving this result.”

The auction lots were made available for private, in-person viewings by customers in Bangkok. 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.

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.