International News
Gemfields Generates $4.8 Million from Mini-Auction of Higher-Quality Emeralds
Mini-auction of unsold emeralds from November 2024 shows a promising rise in demand and prices, with 77% of lots sold.
Gemfields has reported strong results from its mini-auction held from February 19 to 21, 2025, featuring higher-quality emeralds that had remained unsold during its November 2024 auction. The event raised $4.8 million in revenue, signaling a notable recovery in demand and pricing within the emerald market.
Auction Performance:
- Total revenue: $4.8 million
- Lots sold: 10 out of 13 (77%)
- Carats sold: 45,864 out of 59,192 (77%)
- Average price per carat: $105.49
Adrian Banks, Managing Director of Product & Sales at Gemfields, highlighted that the auction offered a valuable opportunity to assess current market trends. “This auction exclusively featured unsold lots from Kagem’s November 2024 higher-quality emerald auction. With the same schedules in place, we could directly compare demand and pricing, and it was encouraging to see a notable increase in bids. Despite a subdued market sentiment, the rise in demand and pricing is a positive sign for the sector,” said Banks.
The emeralds sold were mined at the Kagem mine in Zambia, where Gemfields holds a 75% stake, while the Industrial Development Corporation of Zambia owns the remaining 25%. Proceeds from the auction will be fully repatriated to Kagem, with royalties paid to the Government of Zambia based on the final sales prices.
With positive market signs emerging, Gemfields remains optimistic about the upcoming trade shows in Bangkok and Hong Kong, anticipating further recovery in the emerald market.
International News
GJEPC Delegation Explores Trade Opportunities With Uzbekistan At Tashkent Networking Meet
A 10-member Indian Gems and Jewellery Delegation Engaged  With More Than 60 Stakeholders From The Jewellery Trade, Government Bodies, Customs Authorities and Industry Associations To Strengthen Bilateral Trade Ties
A 10-member Indian gems and jewellery delegation participated in a high-level networking event in Tashkent, Uzbekistan, engaging with more than 60 stakeholders from the jewellery trade, government bodies, customs authorities and industry associations to strengthen bilateral trade ties.
The Indian delegation was led by Sohil Kothari, Convenor – SEZ Sub-committee, GJEPC, who outlined the objectives of the visit and reaffirmed India’s commitment to expanding cooperation with Uzbekistan’s gems and jewellery sector.
The event opened with a welcome address by Her Excellency Smita Pant, Ambassador of India to Uzbekistan, who emphasised the importance of closer economic engagement between the two countries.
Among the key dignitaries in attendance were Roziboyev, Head of the Department of Supporting Business at the Customs Committee of Uzbekistan, along with other Customs Committee officials; Alisher Shaykhov, Advisor to the Chairman of the Chamber of Commerce and Industry of Uzbekistan; and Nodir Mirahmedov, Chairman of the Jewellery Association of Uzbekistan.
During the networking session, the GJEPC delegation showcased India’s strengths across the gems and jewellery value chain, highlighting the country’s manufacturing capabilities, export expertise and comprehensive industry ecosystem. The presentation also focused on opportunities to deepen trade cooperation, facilitate business partnerships and enhance collaboration between Indian and Uzbek jewellery companies.
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