Gemfields auctions 2020 ruined by Covid-19!
Managed with mini & online auctions! Gemfields’ typical auction schedule consists of five to six auctions per year: two of mixed-quality rubies and three to four of emeralds (split between higher quality and commercial quality). In 2019, Gemfields’ six auctions accounted for 93% of total group revenue (approximately USD 200 million out of some USD 216 million) with USD 120 million of revenue derived from two ruby auctions and USD 80 million derived from four emerald auctions. The average number of lots offered at Gemfields’ emerald and ruby auctions to date is 24 and 72 respectively. Gemfields’ 2020 auction schedule has been severely impacted by the many travel, quarantine and congregating restrictions put in place to mitigate Covid-19 contagion. Gemfields has only been able to host one regular-format auction thus far in 2020, yielding USD 11.5 million from the sale of commercial quality emeralds in February 2020 in Lusaka. Five further regular-format auctions scheduled for Ma