Category: Gemstones

Gemfields, listed on both the Johannesburg and London stock exchanges, sold only 61% of the emeralds offered at its latest auction, generating $10.8 million in total revenue. The average sales price was $4.47 per carat. The auction, held from August 27 to September 13, featured 46 lots, but only 28 were sold. Adrian Banks, Gemfields’ Managing Director of Product and Sales, attributed the weaker-than-expected results to several market pressures. “The luxury goods, diamond, and gemstone markets are facing significant headwinds due to conflicts, elections, economic uncertainty in China, and broader… Read More Here

Gemstone miner Gemfields has reported total auction revenues of $121 million for the first half of the year, driven by strong demand for rough emeralds and rubies. In its interim results, Gemfields confirmed that construction of a second processing plant at its 75%-owned Montepuez ruby mine in Mozambique is on budget and scheduled for completion by mid-2025. At the 75%-owned Kagem emerald mine in Zambia, the wash plant upgrade is complete and operating at an enhanced processing rate. The company reported a net debt of $44.4 million for the period,… Read More Here

Kagem Mining Limited (Kagem) has handed over ZMW 38 million (USD 1.5 million) to the Industrial Development Corporation (IDC).The funds represent dividends from 2023 to the government’s investment arm, which owns 25% of the shares in what is believed to be the world’s largest producing emerald mine, and underscore Kagem’s ongoing commitment to contribute to Zambia’s economic development. The handover highlights Kagem’s continued dedication to striving towards responsible mining practices and transparent financial management and reinforces the company’s commitment to adhering to the ‘G-Factor for Natural Resources’ model championed by… Read More Here

Gemfields Group, a miner and marketer of colored gemstones, generated total revenue of $35 million from an auction of higher-quality rough emeralds held from May 13 to 30. The rough emeralds auctioned were extracted by Kagem, a mine 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia. Out of 46 lots offered, 43 were sold, achieving an average price of $167.51 per carat. “We are very pleased to report robust auction results despite slightly softer market conditions. Today’s result demonstrates that both demand and willingness to… Read More Here

London-listed Gemfields has unveiled updated figures for its ‘G-Factor for Natural Resources’, designed to promote transparency in revenue sharing with host countries’ governments. The measure, introduced in July 2021, aims to provide a clear indicator of the percentage of revenue allocated to host governments in primary and direct taxes across various sectors, including mining, oil, gas, timber, and fishing. Gemfields’ recent report on the G-Factor computations for its key mining subsidiaries, the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique, reveals scores of 31% and 35%… Read More Here