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Gemfields Higher-Quality Emeralds Auction :Total revenues of USD 35mn

Gemfields is pleased to announce the results of an auction comprised of higher-quality rough emeralds held during the period 13 – 30 May 2024.

Highlights: May 2024 Higher-Quality Emerald Auction

* Total auction revenues of USD 35.0 million • 46 lots were offered for sale of which 43 were sold (93%) • Average price of USD 167.51 per carat • The 48 auctions of Kagem gemstones held since July 2009 have generated USD 1,041 million in total revenues

Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “We are very pleased to report robust auction results despite slightly softer market conditions. Today’s result demonstrates that both demand and willingness to pay premium prices for fine-quality Zambian emeralds remain at healthy levels. The overall price per carat for the lots sold echoes the record figure achieved in Kagem’s preceding high quality auction of May 2023. It should however be noted that today’s figure has been skewed by the fact that two of the unsold lots were among the lower qualities offered at the auction.

“We now look forward to our forthcoming mixed-quality ruby auction in June 2024 and the next commercial quality emerald auction in September 2024.”

The auction lots were made available for private, in-person

viewings by customers in Bangkok. Following the viewings,

the auctions took place via an online auction platform

specifically adapted for Gemfields and which permitted

customers from multiple jurisdictions to participate in a

sealed-bid process.

The rough emeralds sold were extracted by Kagem (which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.

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