Emeralds and rubies continue to give Southern Africa exceptional gemstone hues
Southern Africa continues to dazzle the world with its stunning gemstones, as the lush green emeralds of Zambia and the fiery red rubies of Mozambique paint a vibrant picture of the region’s rich mineral wealth.
Zambia’s emeralds, some of the oldest on our planet, owe their mesmerizing green hue to a geological dance that unfolded over 500 million years ago.
The intricate interplay of beryllium, chromium, and vanadium during their formation is what bestows these emeralds with their vivid and alluring color.
Meanwhile, Mozambique boasts a bountiful treasure trove of rubies, providing not just exquisite gems but also valuable employment opportunities for Mozambican nationals.
One of the prominent players in this vibrant gemstone landscape is Kagem’s emerald mine in Lufwanyama, which is 75% owned by Gemfields, a company listed on the London and Johannesburg stock exchanges.
Operating in collaboration with the Zambian government, Kagem has been a prolific generator of cumulative auction sales revenue, amassing an impressive $920 million since July 2009.
Similarly, the Montepuez ruby mine in Cabo Delgado, also 75% owned by Gemfields, has Mwriti Limitada as its 25% Mozambican partner.
With cumulative auction sales revenue of $898 million since June 2014, Montepuez is a cornerstone of Mozambique’s gemstone industry.
As a testament to the allure of these gemstones, the iconic jewelry firm Fabergé incorporates gemstones from Gemfields’ mines into its creations.
Founded in 1842 in Saint Petersburg, Russia, the House of Fabergé has upheld the legacy of crafting exquisite jewelry for generations.
What sets Gemfields apart is its outright ownership of Fabergé, enabling the company to marry artistic design with the unique brilliance of colored gemstones, thus enhancing their market positioning and consumer awareness.
Beyond mining, Gemfields has also pioneered a proprietary grading system and an innovative auction platform. These initiatives ensure a consistent supply of colored gemstones to downstream markets, further solidifying Gemfields’ standing in the industry.
While Gemfields reported revenue of $154 million in the first half of 2023, a decline from the previous year’s $193 million, the company is actively managing its treasury shares.
It recently purchased 233,308 of its own ordinary shares for holdings, laying the groundwork for future strategic moves.
With a rich tapestry of gemstones, Southern Africa’s emeralds and rubies continue to enchant the world, providing not only a glimpse of nature’s wonders but also a thriving industry that fuels economic growth in the region.
