Gemfields Auction Update

Gemfields provides an update regarding its gemstone auction schedule for the remainder of 2023.

1. Gemfields completed an auction of commercial and low-quality ruby from the Montepuez ruby mine on 13 September 2023 and the results are set out below.
2. An auction of commercial quality emeralds from the Kagem emerald mine is presently underway and Gemfields expects to announce the results on Monday 18 September 2023.
3. The auction of higher quality emeralds from the Kagem emerald mine, scheduled for November 2023, will no longer take place. Gemfields has taken this decision as a result of the generally lower quality and quantity of emerald production at Kagem in recent months and which would result in a suboptimal auction offering to Gemfields’ emerald auction clients. The available production will therefore be carried forward into Gemfields’ 2024 auction programme.
4. The auction of mixed quality rubies from Montepuez remains scheduled for December 2023.