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Auction Results: Commercial-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 (General Segment of JSE Main Board) / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Group" or the "Company")
Auction Results: Commercial-Quality Emeralds
LONDON, 05 DECEMBER 2025
Gemfields announces the results of an auction comprised of commercial-quality rough emeralds
held during the period 17 November - 4 December 2025.
Highlights: December 2025 Commercial-Quality Emerald Auction
- Total auction revenues of USD 25.4 million
- 46 lots were offered for sale and 45 were sold (98%)
- Average price of USD 7.46 per carat
- The 53 auctions of Kagem gemstones held since July 2009 have generated USD 1.147
billion in total revenues
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.
Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:
"Today's auction results mark a successful conclusion to a challenging year for Kagem. Following the temporary
suspension of mining operations during the first half, the business has nonetheless delivered a strong performance for
2025, culminating in this auction's solid contribution to USD 79 million of total Kagem auction revenues for 2025.
The firm pricing seen across all quality categories demonstrates that the pressures experienced at the end of 2024 and
early 2025 have largely subsided. Market sentiment has strengthened and the sustained demand observed since the
third quarter of 2025 continues to underpin robust performance.
We extend our appreciation to the Kagem team for their continued hard work and extend our thanks also to the
Industrial Development Corporation of Zambia, Kagem's 25% shareholder."
The auction lots were made available for private, in-person viewings by customers in Jaipur, India.
Following the viewings, the auctions took place via an online auction platform specifically adapted
for Gemfields and which permits 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 commercial-quality Kagem auctions are summarised in the table
below (and earlier results are available at www.gemfieldsgroup.com):
AUCTION
RESULTS Aug-Sep '23 Mar '24 Aug-Sep '24 Apr '25 Nov-Dec '25
(COMMERCIAL Auction Auction Auction Auction Auction
QUALITY)
29 Aug - 15 5 - 22 Mar 27 Aug - 13 11 - 29 Apr 17 Nov – 04
Dates
Sept 2023 2024 Sep 2024 2025 Dec 2025
Jaipur, India Jaipur, India Jaipur, India Jaipur, India Jaipur, India
Location
/ Online / Online / Online / Online / Online
Commercial Commercial Commercial Commercial Commercial
Type
Quality Quality Quality Quality Quality
Carats offered 3,392,395 4,171,375 3,978,450 3,029,690 3,656,830
Carats sold 3,392,395 3,854,950 2,423,550 2,388,190 3,406,830
No. of
companies 50 50 39 50 55
placing bids
No. of lots offered 43 43 46 36 46
No. of lots sold 43 40 28 32 45
Percentage of lots
100% 93% 61% 89% 98%
sold
Percentage of
lots sold by 100% 92% 61% 79% 93%
weight
Total sales
USD 25.5 USD 17.1 USD 10.8 USD 16.4 USD 25.4
realised at
million million million million million
auction
Average per USD USD USD USD USD
carat sales value 7.51/carat 4.45/carat 4.47/carat 6.87/carat 7.46/carat
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, please contact us on:
ir@gemfields.com
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 / Heinrich Richter
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Panmure Liberum
(AIM) & BROKER Scott Mathieson / Amrit Mahbubani / John More
T: +44(0) 20 3100 2222
PRESS ENQUIRES, GEMFIELDS press@gemfields.com
HEAD OFFICE, LONDON T: +44(0) 20 7518 3400
NOTES TO EDITORS
About Gemfields Group Limited
Gemfields is a world-leading miner of coloured gemstones, which is dual-listed on the
Johannesburg and London AIM stock exchanges.
Gemfields is the operator and 75% owner of both Kagem Mining in Zambia (a world-leading
emerald mine) and Montepuez Ruby Mining in Mozambique (situated on one of the most
significant recently discovered ruby deposits in the world). In addition, Gemfields holds controlling
interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique,
Ethiopia and Madagascar.
Gemfields introduced a proprietary grading system and pioneering auction platform which have
transformed the coloured gemstone industry. Today, the company implements and invests in
industry-leading policies, practices and infrastructure across its operations; aligns with relevant
industry standards to underpin its responsible approach, plays an active role in working groups to
modernise the sector and raises the profile of African gems through its global marketing efforts.
Gemfields funds projects to improve health, education and livelihoods for communities around its
mines, supports local conservation partners and created the Gemfields Foundation, its charitable
arm, which magnifies the scale of the work already carried out by Gemfields itself.
Gemfields values transparency, legitimacy and integrity, and believes that coloured gemstones
should create a positive impact for the countries and communities from which they originate.
GEMFIELDS.COM | INVESTORS | FOUNDATION | INSTAGRAM | FACEBOOK | X | YOUTUBE
KAGEM MINING LINKEDIN | FACEBOOK
MONTEPUEZ RUBY MINING LINKEDIN | FACEBOOK
Date: 05-12-2025 09:00:00
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