https://www.miningweekly.com
Gemfields
Gemfields
gemfields

Gemfields sells fewer emeralds as economic turbulence, conflicts take their toll

16th September 2024

By: Creamer Media Reporter

     

Font size: - +

Only 61% of emeralds on offer at Johannesburg- and London-listed Gemfields' latest auction were sold, resulting in total auction revenues of $10.8-million and an average sales price of $4.47/ct.

Forty-six lots were put on offer for the auction from August 27 to September 13, but only 28 lots were sold.

"The luxury-goods, diamond and gemstone markets are experiencing distinct headwinds as conflicts, elections, economic uncertainty in China and broader economic turbulence take their toll," comments Gemfields product and sales MD Adrian Banks.

He adds that the weaker-than-expected result was exacerbated, in part, by a competing emerald producer scheduling its own auction to finish in early September, in the middle of Gemfields' auction and "selling through their emeralds at what customers reported as low prices".

"Gemfields remains committed to acting responsibly by withholding auction lots when fair market prices are not achieved, as is demonstrated by the lots we withdrew from our auction which comprised both considerable volume and value.

"We hope that market conditions improve as we work towards the auction of higher-quality emeralds scheduled for November," Banks says.

The emeralds on offer were recovered from Gemfields' 75%-owned Kagem mine, in Zambia.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 06 December 2024
Magazine round up | 06 December 2024
6th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.054 0.083s - 143pq - 2rq
Subscribe Now