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
De Beers Suspends Production At Venetia Mine Amid Global Diamond Market Slowdown
The Decision Comes As The Natural Diamond Industry Continues To Face Significant Headwinds, Including Declining Consumer Demand, Competition From LGDs
Global diamond producer De Beers has announced a temporary two-year suspension of production at its flagship Venetia Mine in South Africa, citing prolonged weakness in global diamond demand and the need to optimize operations.
The Venetia Mine, which contributes more than 40% of South Africa’s diamond production and supports a workforce of over 4,000 employees, will undergo infrastructure upgrades during the suspension period. The company said the pause will enable it to enhance operational efficiency and expand production capacity, positioning the mine for a stronger restart when market conditions improve.
The decision comes as the natural diamond industry continues to face significant headwinds, including declining consumer demand, particularly in China, and intensifying competition from lower-priced lab-grown diamonds. These market dynamics have weighed heavily on diamond prices and profitability across the sector.
De Beers stated that the temporary closure forms part of a broader strategy to reduce costs, streamline operations, and strengthen long-term competitiveness in a challenging business environment.
The announcement also highlights broader concerns for South Africa’s mining industry, a key contributor to the country’s economy and employment. Industry observers note that mining unions have previously expressed concerns over potential job losses as companies adjust to changing market conditions.
Despite the current market challenges, De Beers reaffirmed its long-term commitment to the natural diamond industry, emphasizing that the infrastructure investments at Venetia are intended to ensure the mine is well-positioned to resume production efficiently when global demand recovers.
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International News19 hours agoDe Beers Suspends Production At Venetia Mine Amid Global Diamond Market Slowdown
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