Highlights: April 2025 Commercial-Quality Emerald Auction

• Total auction revenues of USD 16.4 million
• 36 lots were offered for sale, of which 32 were sold (89%)
• Average price of USD 6.87 per carat
• The 51 auctions of Kagem gemstones held since July 2009 have generated USD 1,090 million 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 result marks a notable improvement on the disappointing commercial-quality auction held in September 2024. An increased number of bids and stronger prices across a broad quality-range point to improved sentiment and demand since our experience in Q3 2024.

The overall USD per carat realisation has been positively skewed by the withdrawal of a schedule comprising very low-quality material, weighing 112,000 grams and representing 18.5% of the total weight offering.We extend our appreciation to the Kagem team and to the Government of the Republic of Zambia, Kagem’s 25% shareholder.”

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.

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.