Sharenet Sites 
Sharenet Sites
Auction Results: Higher-Quality Emeralds
Gemfields Group Limited
Incorporated in Guernsey. Guernsey registration Number: 47656
South African external company registration number 2009/012636/10
Share code on JSE: GML / AIM: GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Auction Results: Higher-Quality Emeralds
LONDON, 31 MAY 2024
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.
The results of the five most recent Higher-Quality Kagem auctions are summarised in the table below (and earlier results
are available at www.gemfieldsgroup.com):
AUCTION Nov-Dec '21 May '22 Nov '22 May-Jun '23 May '24
RESULTS AUCTION AUCTION AUCTION AUCTION AUCTION
(HIGHER (5 sequential (5 sequential (5 sequential (5 sequential (5 sequential
QUALITY) mini-auctions) mini-auctions) mini-auctions) mini-auctions) mini-auctions)
Dates 1 Nov – 9-26 May 30 Oct – 17 15 May – 1 Jun 13-30 May
6 Dec 2021 2022 Nov 2022 2023 2024
Location Various / Bangkok / Bangkok / Bangkok / Bangkok /
Online Online Online Online Online
Type Higher Higher Higher Higher Higher
Quality Quality Quality Quality Quality
Carats offered 250,764 277,775 426,180 264,132 240,000
Carats sold 250,764 277,775 401,180 264,132 208,990
No. of
companies 58 62 50 69 60
placing bids
No. of lots
32 38 37 35 46
offered
No. of lots sold 32 38 34 35 43
Percentage of
100% 100% 92% 100% 93%
lots sold
Percentage of
lots sold by 100% 100% 94% 100% 87%
weight
Total sales USD 37.8 USD 43.3 USD 30.8 USD 43.7 USD 35.0
realised at
auction million million million million million
Average per USD USD USD USD USD
carat sales
value 150.65/carat 155.90/carat *76.78/carat 165.55/carat 167.51/carat
* Includes the 37kg 'Kafubu Cluster', which comprised 44% of the weight offered at the auction.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour
and clarity on account of variations in mined production and market demand. Therefore the results of each auction are not
always directly comparable.
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union
(withdrawal) act 2018 ("MAR").
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Ian Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Liberum
(AIM) & BROKER Scott Mathieson / John More / Anake Singh
T: +44(0) 20 3100 2222
FINANCIAL PR / IR Camarco
Gordon Poole / Emily Hall / Charlie Dingwall
T: +44(0) 20 3757 4980
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is
the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the
world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one
of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also
holds controlling interests in various other gemstone mining and prospecting licences in Zambia,
Mozambique, Ethiopia and Madagascar.
Gemfields' outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage
- enables Gemfields to optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group's "mine and market" vision.
Gemfields has developed a proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream markets, a key component of
Gemfields' business model that has played an important role in the growth of the global coloured
gemstone sector.
GEMFIELDS
GEMFIELDS.COM | INVESTORS |FOUNDATION
INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
Date: 31-05-2024 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
