Giant Imboo emerald leads Gemfields’ $32M auction comeback

[Ben Graham]

Gemfields (LON: GEM) (JSE: GML) has staged a sharp recovery with a $32 million emerald auction, signalling renewed demand for Zambian gemstones after last year’s slump.

The coloured precious stones miner sold all 38 lots of high-quality rough emeralds from its 75%-owned Kagem mine in Zambia at an average price of $160.78 per carat. The sale, held online and in Bangkok, marks a strong rebound from a disappointing November 2024 auction.

The standout was the 11,685-carat “Imboo”,  named after the buffalo in Bemba and Lamba dialects. Gemfields did not reveal the buyer or final price, but auction results suggest the massive stone fetched about $1.9 million. Adrian Banks, Gemfields’ managing director of product and sales, said the Imboo could produce multiple fine emeralds large enough for a complete high-jewellery suite, or serve as a long-term investment.

Gemfields’ massive 11,685-carat ‘buffalo’ emerald set for auction

The sale comes after Kagem suspended mining in January due to market uncertainty and oversupply concerns. Operations resumed in May, setting the stage for the September auction’s success. Industry watchers say the result reflects strengthening appetite for emeralds despite broader turbulence in the gemstone trade.

Zambia, the second-largest emerald producer globally after Colombia, holds a 25% stake in the Kagem mine through its government.

Outside Zambia, Gemfields owns a 75% stake in the Montepuez ruby mine in Mozambique.