GEMFIELDS earned $10.8 million (R190.7m) in revenue from its latest auction of commercial quality rough emeralds held from August 27 to September 13, 2024. About 46 lots were offered for sale, of which 28 were sold, representing about 61% of the slots. The company realised average prices of $4.47 per carat for the latest auction.
Yesterday, however, Adrian Banks, Gemfields managing director, said the “luxury-good, diamond and gemstone markets are experiencing distinct headwinds as conflicts, elections, economic uncertainty in China and broader economic turbulence” take their toll on the industry. “Today’s overall result is weaker than expected, exacerbated in part by a competing emerald producer scheduling their own auction to finish in early September 2024, in the middle of ours, and selling through their emeralds at what customers…