Big Green Numbers Signal Recovery
Gemfields has just pulled off a strong rebound in emerald sales, achieving USD $32 million at its latest auction of high-quality rough emeralds from its 75%-owned Kagem mine in Zambia. All 38 lots offered were sold—100% sell-through at an average price of $160.78 per carat. The results outshine a subdued auction in November 2024, when demand was weak and many lots went unsold.
“Imboo”: The Star Stone With Story
Leading the auction was the giant 11,685-carat emerald dubbed “Imboo”, named after the buffalo in the Bemba and Lamba dialects. Imboo is impressive not just for its size, but for its versatility—it may be cut into multiple fine emeralds suitable for high-jewellery suites, or held as an investment piece. Gemfields didn’t disclose the buyer or exact price, though estimates suggest it sold for around $1.9 million.
Mining Suspended, Then Redeemed
The path to this success wasn’t smooth. In January 2025, Gemfields suspended mining operations at Kagem due to oversupply concerns and market uncertainty. But signs of recovery in the colored gemstone market emerged: commercial-quality auctions in April showed some demand, so two mining points were reopened in May. The September high-quality auction validates that cautious strategy.
Why This Matters: Market, Value & Expectations
For buyers, dealers, and collectors, Gemfields’ strong showing signals more than just lust for emeralds—it suggests the colored gemstone market may be stabilizing. Despite tariff uncertainties and broader gemstone sector turbulence, the demand across all grades was described by Gemfields’ Adrian Banks as “robust,” with buyers willing to pay up.
But here’s where real scrutiny should begin: will this revival translate into more transparent value, ethically sourced materials, and renewed trust—especially compared to lab-grown gemstones or lab-grown diamonds that promise less environmental impact?
Global Impact & Industry Indicators
Zambia, which holds 25% ownership of the Kagem mine via its Industrial Development Corporation, benefits not just from immediate revenue, but from value signals to the global gemstone trade. For Gemfields, this adds strength to its position in colored gemstones generally (alongside its ruby mining in Montepuez, Mozambique). The total revenue from Kagem auctions since 2009 now exceeds USD 1.12 billion. nationaljeweler.com+2Mining Weekly+2
My Take: Is This Enough to Change the Game?
This auction is absolutely encouraging—it shows that when supply is managed, market conditions improves, and buyers have confidence, the colored gemstone sector can perform. But let’s be honest: spectacular stone names like Imboo, perfect sell-throughs, and headline results are part of industry storytelling. They don’t guarantee that small-scale miners are treated fairly, that origin stories are verified, or that consumer values are being met in terms of ethical jewelry and sustainability.
If Gemfields leans into transparency, supply chain accountability, and shows that emeralds can compete with lab-grown alternatives on more than just rarity, this could truly be more than green glitter.