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
JA Lobbies For Exemptions As US Threatens 100% Tariffs
To Shield The Supply Chain, JA Is Petitioning Washington To Place Diamonds, Gemstones, and Pearls On The U.S. Annex II List, Which Designates Products Eligible For Duty-Free Entry Into The United States.
– Jewelers of America (JA) has intensified its lobbying efforts in Washington to secure sweeping tariff exemptions for diamonds, gemstones, and pearls, as new legislation opens the door to potential 100% duties on imports from major trade partners including India.
The industry group sent a delegation of executives and members to Capitol Hill on Sept. 15 for its annual “Fly-In” event, pressing lawmakers to safeguard the trade from broad trade penalties aimed at supporters of Russia’s energy sector.
The delegation, led by JA President and Chief Executive David J. Bonaparte, met with key lawmakers, including Senators Dick Durbin and Susan Collins and Representatives Jim Jordan and Dave Joyce.
The increased lobbying push coincided with Congress weighing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. Passed by the House of Representatives on Sept. 16 and signed into law by President Donald Trump on Sept. 18, the legislation grants executive authority to levy tariffs of up to 100% on the five largest buyers of Russian oil and natural gas, as well as top facilitators of sanctions evasion.
India, a primary global hub for diamond cutting and polishing, is among the top buyers of Russian crude and faces potential exposure under the law’s discretionary tariff authority.
To shield the supply chain, JA is petitioning Washington to place diamonds, gemstones, and pearls on the U.S. Annex II list, which designates products eligible for duty-free entry into the United States.
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