Gemfields Sells 6,100-Carat Rough Emerald at Oct. Auction

SourcingOct 11, 2017

Gemfields Sells 6,100-Carat Rough Emerald at Oct. Auction

Also, the Gübelin Gem Lab used the sale to launch its pioneering emerald tagging system to trace stones from mine to market.

This 6,100-carat rough emerald, named “Insofu,” which means “baby elephant” in Bemba, sold at Gemfields most recent emerald auction in Zambia.

London--Gemfields held its first emerald auction since Pallinghurst took over this summer, and reported strong results.

The auction of higher-quality rough emeralds was held in Lusaka, Zambia from Oct. 2 to 5.

Revenues from the sale were $21.5 million, with an average price per carat of $66.21, the second highest ever achieved by the gemstone miner.

One hundred percent of the carats put on auction were sold, but it is also worth noting that 320,000 carats were on offer during the sale, the smallest auction of Kagem higher quality emeralds to date, as a result of reduced production at the mine over the past 12 months.

This included a rare, high-quality Zambian emerald sold to India-based DiaColor for an undisclosed amount.

The 6,100-carat gemstone was discovered at the Kagem mine in 2010 and named “Insofu,” which means “baby elephant” in the local Bema language, by Gemfields to reflect its wildlife conservation efforts.

Gemfields called the stone “exceptional” due to its size, clarity and color.

“It’s a museum piece for me,” said Rajkumar Tongya, chairman of DiaColor. “I don’t want to sell it. I would like to enjoy keeping it.”

The auction also was used to launch the high-technology system to tag and trace emeralds developed by the Gübelin Gem Lab.

The “paternity test” involves applying DNA-based nanoparticles directly onto rough emerald crystals at mining sites, allowing for the traceability of the stones back to the mine of origin, date of mining and any other data requested.

The particles, which leave no visible trace, were infused into five high-quality emeralds purchased at the sale by Zambian company Jewel of Africa.

It was the first time nanotechnology has been used commercially in the gemstone sector, according to Gemfields.

In the future, the technology will only be used at mining sites, Gübelin said, but an exception was made in this instance to demonstrate the process.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

CollectionsJun 18, 2021
Piece of the Week: Colette’s Rainbow Eye Pendant

It’s a new addition to the designer’s charm collection.

FinancialsJun 18, 2021
Jewelry Sales Surge in May, Says Mastercard

U.S. jewelry sales were up more than 200 percent year-over-year in May while also exceeding pre-pandemic levels.

Recorded WebinarsJun 17, 2021
Watch: How to Ace the Branding Game

Simon Mortimer offers must-know branding basics for companies that are just starting out or looking for a refresh.

Brought to you by
How to Engage and Sell to Millennials

Millennials were once feared in the diamond industry, but now this younger generation has become today’s largest diamond buying demographic.

CollectionsJun 17, 2021
Foundrae Has an Epic Charitable Giveaway in Honor of Juneteenth

All proceeds of “Juneteenth Medallion” sales, as well as raffle tickets, benefit organizations that support BIPOC.

Weekly QuizMay 20, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of June 14-18, 2021.
Take the Quiz
MajorsJun 17, 2021
Mall Owner Washington Prime Group Files for Chapter 11

The company is implementing a restructuring plan after struggling amid the COVID-19 pandemic.

TrendsJun 17, 2021
Amanda’s Style File: For the Fellas

In honor of Father’s Day, Amanda Gizzi rounds up gifts for Dad.

Brought to you by
A New Golden Age

Gold has had its share of ups and downs over the last 5 decades. Here’s why the metal is having another big comeback.

Events & AwardsJun 17, 2021
Jewelers for Children Brings Back Live Events in Vegas, Dallas

There will also be a virtual component for those not in attendance.