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(Sharecast News) - Gemfields announced on Friday that it had raised $32m from a sale of higher-quality rough emeralds, marking a strong return to the market after mining operations at its Kagem mine in Zambia were temporarily suspended earlier in the year.
The AIM-traded firm said the auction, held between 25 August and 11 September, saw all 38 lots sold, achieving an average realised price of $160.78 per carat.
It said the sale included an exceptional 11,685-carat gemstone named Imboo, the largest remarkable stone yet discovered at Kagem.
Gemfields said the auction was its first high-quality emerald sale since a disappointing result in November 2024.
Mining at Kagem was suspended in January amid market uncertainty and oversupply, before two mining points were reopened in May following signs of recovery at an April sale of commercial-quality stones.
"While the wider market continues to navigate mixed sentiment and tariff uncertainty, today's auction result has validated these decisions and delivered a highly positive outcome," said Adrian Banks, managing director of product and sales.
"Strong demand was evident across the grades, with robust prices achieved."
The emeralds were made available for private viewings in Bangkok before being sold via Gemfields' online sealed-bid platform.
The company said all proceeds would be repatriated to Kagem, which is 75% owned by Gemfields and 25% by Zambia's Industrial Development Corporation, with royalties paid on the full sales prices.
At 1600 BST, shares in Gemfields Group were up 7.44% at 5.78p.
Reporting by Josh White for Sharecast.com.
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