Dual-listed Gemfields has generated record auction revenue of $43.7-million from the sale of 35 high-quality rough emeralds produced from the Kagem mine.
The auction had an average realised price of $165.55/ct, which also marked an all-time record for any Gemfields emerald auction.
It also recorded an all-time record for price-per-carat paid for a single auction lot.
Gemfields has held 45 auctions of Kagem gemstones since July 2009, which have generated $964-million in revenue.
The latest auction ran from May 15 to June 1.
Gemfields product and sales MD Adrian Banks says the company saw the emerald market normalise appreciably in the last auction of November 2022, when compared with the exuberance of the first half of 2022.
However, it was pleasing to see the market rebound sharply once again.
The auction lots were made available in Bangkok for private, in-person viewings by customers, following which the auctions took place through an online auction platform specifically adapted for Gemfields.
The platform allows for permitted customers from multiple jurisdictions to participate in a sealed-bid process.
Gemfields owns 75% of the Kagem mine, in Zambia, with the Industrial Development Corporation of Zambia holding the balance.