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
BDB Committee Hosts Consul General of Italy at Bourse; Discussions Focus On Boosting Trade Between The Two Countries
- Partnership between Europe’s Leading Jewellery Hub and World’s Largest Diamond Manufacturer will be mutually beneficial
- BDB requests modifications in Italy’s VAT Policy: Collection at Point of Sale Rather than Point of Import
The senior leadership of Bharat Diamond Bourse (BDB) welcomed H.E. Mr. Walter Ferrara, Consul General of Italy in Mumbai, on his visit to the BDB complex on June 30 to discuss opportunities for strengthening cooperation between India and Italy in the diamond and jewellery sector.
The BDB was represented by President Anoop Mehta, Vice President Mehul N. Shah, Honorary Joint Secretary Prakash Shah, and Committee Members Kiran K. Gandhi, Milan K. Parikh, Paresh Mehta, and Ramniklal Shah.
India and Italy both enjoy unique positions in the global diamond and jewellery industry. Italy is known for its exquisite jewellery and exceptional craftsmanship. It is Europe’s leading diamond and jewellery hub, and home to many renowned jewellery brands, while India is the world’s largest supplier of diamonds, including to Italy.
Business ties between the two countries have strengthened over the years, with nearly 100 Indian exhibitors participating annually in Vicenzaoro, Europe’s largest jewellery exhibition.
BDB leadership emphasised that there is enormous potential to further boost trade between the two countries, and suggested some policy reforms to help the process. They requested Italian authorities to consider shifting the collection of 18% VAT levied on loose diamonds to the point of sale rather than at the time of import.
Mehul Shah Said:
“The current system impacts the liquidity of Italian traders and hampers the cycle of trading and manufacturing. Shifting collection to the point of sale would ensure smooth tax compliance, while also enabling seamless trade between the two countries.”
The Hon’ble Consul General acknowledged the concerns raised by the BDB leadership and assured the delegation that he would ensure that their inputs were communicated to the relevant authorities. He also assured continued support to BDB members wherever required, including assistance in facilitating a faster visa process.
The visit concluded with a tour of the BDB campus and MDMA Hall, showcasing its world-class infrastructure and integrated trading ecosystem.
The interaction reaffirmed Bharat Diamond Bourse’s commitment to strengthening international partnerships and promoting constructive dialogue to support the continued growth, competitiveness, and sustainability of the global diamond and jewellery industry.
BDB Committee Hosts Consul General of Italy at Bourse; Discussions Focus On Boosting Trade Between The Two Countries
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