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.
Following a landmark US Supreme Court ruling on February 20, 2026, which invalidated President Trump’s “reciprocal tariffs” under the International Emergency Economic Powers Act (IEEPA), the trade landscape has shifted into a volatile transition period. In response, the US administration has invoked Section 122 of the Trade Act of 1974, implementing a temporary 15% global import surcharge.
Indian exporters in various sectors including GJ are currently racing to maximize shipments within a 150-day window to capitalize on the relative certainty of the current 15% rate before potential further escalations under Section 301. The “150-day window” (ending roughly in July 2026) has become a critical marathon for Indian logistics. While the Supreme Court ruling offered a brief moment of relief by striking down 50% “penalty” duties, the immediate reimposition of a 15% surcharge keeps the “landed cost” of Indian goods high.
Gems and Jewellery sector impact
- Current Status: The sector is reeling from a 60% year-on-year decline in cut and polished diamond exports (falling from $3.64 billion to $1.45 billion in the April–December 2025 period).
- Exporter Action: The Gem & Jewellery Export Promotion Council (GJEPC) successfully requested Mumbai Customs to remain open over the weekend to facilitate immediate dispatches.
- Trade Deal Outlook: Under a recently announced interim framework, India expects zero-duty access for diamonds and a reduction in jewellery tariffs to 18% (down from 25%). Exporters are rushing to ship goods before these negotiated terms are potentially complicated by the new Section 122 surcharge.
Technical Regulatory Framework
The shift in US policy utilizes two distinct legal “hammers”:
| Regulation | Status | Impact on Indian Exporters |
| IEEPA (Reciprocal Tariffs) | Invalidated | Struck down by SCOTUS (6-3); provides legal grounds for potential duty refunds. |
| Section 122 (Trade Act 1974) | Active | 15% surcharge for a maximum of 150 days to address balance-of-payments deficits. |
| Section 301 | Threatened | Allows USTR to impose punitive tariffs for “unfair” trade practices; seen as a looming risk. |
Strategic Outlook
The “150-day window” (ending roughly in July 2026) has become a critical marathon for Indian logistics. While the Supreme Court ruling offered a brief moment of relief by striking down 50% “penalty” duties, the immediate reimposition of a 15% surcharge keeps the “landed cost” of Indian goods high.
Note: Exporters are urged to maintain close coordination with the Union Commerce Ministry, as the operationalization of the India-US Interim Trade Pact (expected in April 2026) may offer a “carve-out” or preferential rate that bypasses the global 15% surcharge.
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